ABC inc builds and sells single-family homes. the company had the following transactions during q1 2016 period that ended on march 31, 2016:

1. purchased a single-family home on january 10, 2016 which it plans to renovate and resell. the home was purchased for $200,000 with $150,000 paid in cash and the remainder to be paid upon sale of the property.

2. Purchased $10,000 worth of building materials at home depot used in the renovation. The purchased was paid in cash.

3. Hired a contractor to perform the renovation of the house. The renovation was completed on feb. 10, 2016 and the contractor billed ABC inc $50,000 for this renovation. ABC paid $30,000 upon completion of the work. The balance was due in Q2 2016.

4. Paid office employee salaries of $10,000 during Q1 2016.

5. Sold the home for $290,000 on March 30th 2016 of which $250,000 was received and the rest due on April 20th 2016.

At the beginning of the quarter, (1/1/16) ABC inc balance sheet had only $300,000 in cash and $300,000 in owners equity.

1. present income statement for Q1

2. create ABC inc balance sheet at the end of Q1 2016

3. present statement of Cash flow