Please do not give image format Required information[The following information applies to the questions displayed below.]Doyle Company issued $460,000 of 10-year, 9 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 $60,000 of cash revenue, which was collected on December 31 of each year,beginning December 31, Year 1. a. Organize the transaction data in accounts under the accounting equation for Year 1 and Year 2.Note: Enter any decreases to account balances with a minus sign. If there is no effect on the Account Titles for RetainedEarnings, leave the cell blank. Not all cells will require entry.EventYear 11/11/112/3112/31BalanceYear 2Beginning balance12/3112/31Ending balanceDOYLE COMPANYEffect of Events on the Accounting EquationYear 1 and Year 2CashAssets+++++Land==HLiabilitiesBondsPayable++++Stockholders'EquityRetainedEarningsAccount Titles forRetained Earnings

1. Accounting Equation -Accounting Equation is calculated using following equation -Assets =…

Required information [The following information applies to the questions displayed below.] Doyle Company issued $460,000 of 10-year, 9 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 $60,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 1.