## Answers

Answer is given below with loan amortization schedule

Principal payment = $23,087 - Interest

Working notes Interest at 6% Principal Loan amount $80,000 Total Closing balance January 1 2018 31st Dec 2018 31st Dec 2019 31st Dec 2020 31st Dec 2021 Total $61,713 $42,329 $21,782 $4,800 $3,703 $2,540 $1,307 $12,349 $18,287 $19,384 $20,547 $21,780 $80,000 $23,087 $61,713 6% of $80,000 $23,087 $42,329 6% of $61,713 $23,087$21,782 6% of $42,329 $23,087 $0 6% of $21,782 $92,348 BROWN CO Income Statement For the year Ended December 31 2018 2019 Rental Revenue $42,400 $42,400 Less: Expenses - Interest on borrowing $4,800 $3,703 Net Income $37,600 $38,697 2020 $42,400 $2,540 $39,860 2021 $42,400 $1,307 $41,093 2020 2021 BROWN CO Balance Sheets As of year Ended December 31 2018 2019 Assets Cash $19,313 $38,626 Land $80,000 $80,000 Total Assets $99,313 $118,626 Liabilities and Owners' Equity Liabilities Note payable $61,713 $42,329 Stockholders' equity Retained earnings $37,600 $76,297 Total Liabilities and Stockholders' Equity $99,313 $118,626 $57,939 $80,000 $137,939 $77,251 $80,000 $157,251 $21,782 $0 $116,157 $137,939 $157,251 $157,251 2020 2021 $42,400 -$2,540 $39,860 $42,400 -$1,307 $41,093 BROWN CO Statement of Cash Flows For the year Ended December 31 2018 2019 Cash flows from Operating activities Cash collected from rental income $42,400 $42,400 Cash paid for interest on bank borrowing -$4,800 $3,703 Cash provided by operating activities $37,600 $38,697 Cash flow from Investing activities Purchase of Land -$80,000 Cash used by Investing activities -$80,000 $0 Cash flow from financing activities Bank borrowing $80,000 $0 repayment of bank borrowings (Principal) L $18,287 $19,384 Cash flow form financing activities $61,713 -$19,384 Net increase (decrease ) in cash $19,313 $19,313 Opening cash balance 0 $19,313 Closing cash balance $19,313 $38,626 $0 -$20,547 $20,547 $19,313 $38,626 $57,939 $21,780 -$21,780 $19,313 $57,939 $77,251

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