Devon Bailey invested \(\$ 750\) in a short-term enterprise, the sale of soft drinks during the annual July Fourth Weekend Fair in his small rural town. He paid \(\$ 150\) for the right to sell soft drinks in the fairgrounds. He constructed a stand from which to make the sales at a cost of \(\$ 50\) for lumber and crepe paper, none of which had any value at the end of the fair. He bought ice for which he paid \(\$ 40\) and purchased soft drinks costing \(\$ 750\). At this point, he had only \(\$ 510\) in cash and could not pay in full for the drinks. However, since his credit rating was good, the soft drink company accepted \(\$ 500\) in cash and the promise that he would pay the balance the day after the fair ended. During the fair, he collected \(\$ 1,540\) in cash from sales, and at the end of the fair, he paid a young man \(\$ 90\) for helping with the sales. He had soft drinks left over that cost \(\$ 35\) and could be returned to the soft drink company. At this point, Devon stopped to decide whether he should cease operations or look for similar opportunities and continue the business.

Assemble the information in such a way that will enable you to prepare an income statement for the three-day period of the fair, which ended on July 5. Also prepare a statement of changes in owner's equity for the three-day period and a balance sheet dated July 6, 1990.