An equation analysis of the transactions made during August 2018 (the first month of the fiscal year) by Sheridan Corporation is shown below. Each increase and decrease in shareholders' equity is explained. Assets Liabilities Accounts + Receivable Accum. Dep. Accounts = Payable Common Shares Supplies - Equipment Cash + E Jul. 31 Bal. $ 12.100 $ 2,700 $ 100 $11,000 $ 660 $2,200 $ 20,640 2. (1) 4,700 +4,700 (1,000) +5,000 +4,000 ) 3) 4) (790) +790 3,900 +5,400 (5) (1,700) (1,700) (6) (2,064 ) (750) (8) +440 (440) (9) (2,700) (10) (140) (11) 1,200 (12) +460 (13) (410) An equation analysis of the transactions made during August 2018 (the first month of the fiscal year) by Sheridan Corporation is shown below. Each increase and decrease in shareholders' equity is explained. Liabilities Shareholders Equity Retained Earnings Accum. Dep. Accounts = Payable Common Shares Dividends Declared + Bal. + Revenues Expenses Comments $ 660 $2,200 $20.640 $0 2.400 common shares +4,700 +4,000 +9.300 service revenue (1,700) (2,064 ) dividend (750) rent expense (2,700) (140) salaries expense utilities expense depreciation expense advertising expense 1,200 (1.200) +460 (460) (410) income tax expense Prepare an income statement for for the month of August 31, 2018. SHERIDAN CORPORATION Income Statement $ $ > > $ $ $ > > $ Prepare a statement of financial position at August 31, 2018. (List current assets in order of liquidity.) SHERIDAN CORPORATION Statement of Financial Position Assets $ $ Liabilities and Shareholders' Equity $ $ > $