17.GEM, Inc. is a company that buys and sells caravan, June and the sale of two caravan NOW. These events relate caravan s, Caravan A and Caravan B. Prepare the income statement for June. the table describes some of its transactions during May, to PORNOVI Date May 2 May 15 May June 2 June 5 June 30 June July 2 July 3 Event Cash John agrees to buy Caravan A from GEM, Inc., and makes a $18,000 down payment. Increase $18,000 GEM, Inc., pays $900 commission to the salesperson who sold Caravan A (5% of cash received) Decrease $900 GEM, Inc, general expenses for May were $5,400 (assume for simplicity these were paid in cash in May) Decrease $5,400 Brown agrees to buy Caravan B and makes a $34,000 down payment Increase $34,000 John completes the purchase of Caravan A. paying $162,000 cash. GEM, Inc., delivers the deed to John Increase $162,000 thereby delivering ownership of the Caravan (Caravan A cost GEM, Inc., $158,000) GEM, Inc., pays S1,700 commission for Caravan B Decrease $1,700 GEM, Inc., general expenses for June were $4,500 Decrease $4,500 GEM, Inc., pays $7,100 additional commission for Caravan A Decrease $7.100 Brown completes the purchase of Caravan B, paying $216,000 cash. GEM, Inc., delivers the deed to Increase $216,000 Brown(cost of Caravan B $215,000) GEM, Inc., pays $11,300 commission for Caravan B Decrease $11,300 GEM. Inc., general expenses for July were $4,900 Decrease $4.900 July 30 July