Business, 09.04.2021 04:20 sawyerfauver

Bensen Company started business by acquiring $25,500 cash from the issue of common stock on January 1, Year 1. The cash acquired was immediately used to purchase equipment for $25,500 that had a $4,300 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 $4,810 cash. Bensen uses straight-line depreciation. 2018 2019 2020 2021 2022
Revenue $7,400 $7,900 $8,100 $6,900 $0
Required:
Prepare income statements, statements of changes in stockholders' equity, balance sheets, and statements of cash flows for each of the five years.

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Bensen Company started business by acquiring $25,500 cash from the issue of common stock on January...

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