Doyle Company issued $292,000 of 10-year, 6 percent bonds on January 1, Year 1. The bonds were issued at face value.Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue inland. The land was leased for an annual $76,000 of cash revenue, which was collected on December 31 of each year,beginning December 31, Year 1.b. Prepare the income statement, balance sheet, and statement of cash flows for Year 1 and Year 2.Complete this question by entering your answers in the tabs below.Req B1Req B3Prepare the income statement for Year 1 and Year 2. (Amounts to be deducted and net loss amount should be indicated withminus sign.)Req B2DOYLE COMPANYIncome StatementsFor the Year Ended December 31Year 1Lease revenueInterest expenseNet income$$76,000(17,520)58,480Year 2 Req B1AssetsCashLandTotal assetsLiabilitiesPrepare the balance sheet for Year 1 and Year 2.DOYLE COMPANYBalance SheetsBonds payableReq B2Stockholder's equityCommon stockRetained earningsShow Transcribed TextTotal stockholder's equityTotal liabilities and stockholders' equity3For the Year Ended December 31Year 1Show Transcribed TextReg B3Cash flows from operating activities:Receipts from revenuePaid for interestSkip questionNet cash flow from operating activitiesCash flows from investing activities:Paid to purchase landNet change in cashPlus: Beginning cash balanceEnding cash balanceCash flows from financing activities:Proceeds from bond issueCStart SolvingĆDOYLE COMPANYStatements of Cash FlowsFor the Year Ended December 31Year 1Exit292,000$ 292,000 $$0 R0 $$00Year 200 $00Year 2000

Financial statements include three statements such as - (1) Cash flow statement,(2) Income statement…

Doyle Company issued $292,000 of 10-year, 6 percent bonds on January 1, Year 1. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $76,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 1. b. Prepare the income statement, balance sheet, and statement of cash flows for Year 1 and Year 2. Complete this question by entering your answers in the tabs below. Req B1 Req B2 Prepare the income statement for Year 1 and Year 2. (Amounts to be deducted and net loss amount should be indicated with minus sign.) Lease revenue Interest expense Not income DOYLE COMPANY Income Statements For the Year Ended December 31 Year 1 Req 83 S $ 76,000 (17,520) 58,480 Year 2