At the beginning of the summer, Humphrey Nelson was looking for a way to earn money to pay for his college tuition in the fall. He decided to start a lawn service business in his neighborhood. To get the business started, Humphrey used $6,800 from his savings account to open a checking account for his new business, Elegant Lawn Care. He purchased two used power mowers and various lawn care tools for $2,000, and paid $3,600 for a used truck to transport the mowers. Several of his neighbors hired him to cut their grass on a weekly basis. He sent these customers monthly bills. By the end of the summer, they had paid him $5,600 in cash and owed him another $2,800. Humphrey also cut grass on an as-needed basis for other neighbors, who paid him $4,800. During the summer, Humphrey spent $1,200 for gasoline for the truck and mowers. He paid $4,400 to a friend who helped him on several occasions. An advertisement in the local paper cost $1,200. Now, at the end of the summer, Humphrey is concerned because he has only $4,800 left in his checking account. He says, "I worked hard all summer and have only $4,800 to show for it. It would have been better to leave the money in the bank." Required: Prepare an income statement, a statement of owner's equity (for the three month period ended August 31,201 ), and a balance sheet (dated August 31, 20X1) for Elegant Lawn Care. Complete this question by entering your answers in the tabs below. Prepare an income statement (for the three month period ended August 31, 20x1) for Elegant Lawn Care