Assume Chernak Inc. ended the month of July 2020 with the following data (Click the icon to view the financial data.) Requirement Prepare the balance sheet of the company at July 31, 2020 Prepare the balance sheet. Begin with the heading of the statement Next, complete the balance sheet. Assets Liabilities Shareholders' Equity Total shareholders' equity Total assets Total liabilities and shareholders' equity Financial data Payments of cash. Acquisition of equipment $ 34.000 Cash receipts Dividends 1.800 Issuance (sale) of shares to owners $ 32,227 o Rent expense 700 Retained earnings at July 1, 2020 Retained earnings of July 31, 2020 6,373 Common shares. 32,227 Utilities expense 197 Equipment 34,000 Office supplies expense 1,230 Adjustments to reconcile net income to cash provided by operations 3,400 Accounts payable 3.400 3.900 Service revenue 14,200 Salary expense Cash balance July 1, 2020 0 Cash balance July 31, 2020 8,000