Doyle Company issued $310,000 of 10-year, 8 percent bonds on January 1, Year 2. 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 $59,000 f cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2.

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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[The following information applies to the questions displayed below.]
Doyle Company issued $310,000 of 10-year, 8 percent bonds on January 1, Year 2. 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 $59,000 of cash revenue, which was collected on December 31 of each year,
beginning December 31, Year 2.
b. Prepare the income statement, balance sheet, and statement of cash flows for Year 2 and Year 3.
Complete this question by entering your answers in the tabs below.
Req B
Statement of
Cash Flows
Prepare the income statement for Year 2 and Year 3.
Req B Income Req B Balance
Statement
Sheet
DOYLE COMPANY
Income Statements
For the Year Ended December 31
Year 2
Year 3
< Req B Income Statement
Req B Balance Sheet >
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] Doyle Company issued $310,000 of 10-year, 8 percent bonds on January 1, Year 2. 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 $59,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2. b. Prepare the income statement, balance sheet, and statement of cash flows for Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Req B Statement of Cash Flows Prepare the income statement for Year 2 and Year 3. Req B Income Req B Balance Statement Sheet DOYLE COMPANY Income Statements For the Year Ended December 31 Year 2 Year 3 < Req B Income Statement Req B Balance Sheet >
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