1 (30 points) A company summary transaction is presented below: 1. Shareholders invested $80,000 cash in the business in exchange for ordinary shares 2. Purchased equipment for $10,000 cash 3. Paid $2,450 cash for office rent 4. Paid $1,000 cash for supplies 5. Received a $130 advertising cost bill 6. Received $4,000 in cash from customers for repair service 7. Negotiate a prospective project, which will be paid 40% next month and 60% after the repair is done 8. Owner withdraw $4,000 9. Paid employee salary of $2,800 10. Paid utility bills $250 11. Performed repair service worth $2,950 on account 12. Collected cash of $150 for services billed in transaction number 11 Instructions: a. Prepare a tabular analysis of the transactions, using the following column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Owner's Equity. Under Owner's Equity: Share Capital, Withdrawal, Retained Earnings. Under Retained Earnings: Revenue and Expenses (22 points) b. From the Retained earning columns, compute the net income for the company (8 points)