4 Ava Scott started a sole proprietorship named ELM Interactive. A customer's message can be displayed on an airplane 5 banner across the city. ELM Interactive had the following business activities during the month of November 2021: 6 7 8 " 10 11 12 13 14 15 16 17 18 19 20 21 2 3 Required Nov 1 3 7 Invested $200,000 cash and aircraft equipment with a $50,000 fair value in a new sole proprietorship named ELM Interactive Purchased land and a small office building. The land was worth $400,000, and the building was worth $100,000. The purchase price was paid with $125,000 cash and a long-term note payable for the balance. Ava transferred title of his personal airplane to the business. The airplane had a value of $200,000 and was to be used exclusively in the business. 9 Purchased $5,000 of supplies on credit 13 Provided services to a customer for a marriage proposal and collected $16,000 on credit. 17 Paid $3,000 wages to a pilot. 21 Signed an advertising contract to commence in January. A deposit of $250 must be paid by December 15. 23 27 Paid for half of the account payable from the November 9 transaction. Purchased $20,000 of new aircraft equipment by paying $15,000 cash and trading in old aircraft equipment with a recorded cost of $5,000. 30 Withdrew $3,200 cash from the business for the personal use. For each transaction, 1. Record the journal entry 2. Prepare income statement, statement of changes in equity and balance sheet