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Bensen Company started business by acquiring $23,700 cash from the issue of common stock on...

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Accounting

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Bensen Company started business by acquiring $23,700 cash from the issue of common stock on January 1, Year 1. The cash acquired was immediately used to purchase equipment for $23,700 that had a $3,300 salvage value and an expected useful life of four years. The equipment was used to produce the following revenue stream (assume that all revenue transactions are for cash). At the beginning of the fifth year, the equipment was sold for $3,700 cash. Bensen uses straight-line depreciation Year 1 Year 2 Year 3 Year 4 Year 5 s 7,660 8,160 8,360 7,160 0 Revenue Required Prepare income statements, statements of changes in stockholders' equity, balance sheets, and statements of cash flows for each of the five years. Complete this question by entering your answers in the tabs below

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