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Question 1 (50 points) Velor Inc. began operations 2 years ago. Its adjusted account balances at May 31, 2014 are shown below. Velor Inc. issued shares worth $13,500 during May, 2014. Use this information to prepare the following: a. Income statement for the month ended May 31. b. Statement of changes in equity for the month ended May 31. c. Classified balance sheet at May 31. (select one) Income Statement (select one) Balance 8,930 1,170 5,650 9,800 4,220 3,440 19,470 4,680 10,530 6,040 XEE XEFE XLE 1.000 Account Accounts receivable Accumulated depreciation, automobiles Accumulated depreciation, trucks Advertising expense Advertising payable Automobiles Bonds Payable (due November, 2023) Cash . Consulting revenue earned Copyright Depreciation expense, automobiles Depreciation expense, trucks Dividends Insurance expense Interest earned Interest expense Land Land Long-term notes payable Long-term investment in shares with Patents Prepaid insurance Property taxes expense Property taxes payable Dent Rent earned . Rent expense Rent payable Retained earnings Share capital Short-term notes payable Trucks 1,600 3,350 1,460 2.520 2,520 2,520 9,020 2,020 14,390 (select one) Statement of Changes in Equity (select one) Share Retained Total Capital Earnings Equity 13,230 . 4,910 100 2,020 UCU 3,420 120 3,750 3,950 2017 4,370 7,800 10,880 19,230 11,910 35,680 X DE XF (select one) Balance Sheet (select one) X