ACCOUNTING FOR A HEALTH CLUB STARTUP (activities during April 2016) 1. Initial investment $100,000 2. Purchase of land and building on a promissory note for $200,000 (i) Land value $50,000 (ii) Building value =$150,000 3. Equipment purchased for $20,000 on a promissory note 4. Membership revenue of $15,000 collected from 300 members @ $50.00 5. Salaries of $10,000 paid to employees 6. Utility bill of $3,000 paid in cash 7. Cash collected from members $4,000 8. Dividends of $2,000 paid to owners Please do the following: (a) Summarize and post the above transactions. (b) Prepare an income statement for the transactions during the month of April, 2016. (c) Prepare a balance sheet as on April 30, 2016