Beth Sumner established an insurance agency on April 1, 2007, and completed the following transactions during April: 1. Opened a business bank account in the name of Sumner Insurance Inc., with a deposit of $15,000 in exchange for capital stock. 2. Borrowed $8,000 by issuing a note payable 3. Received cash from fees earned, $11,500 4. Paid rent on office and equipment for the month, $3,500 5. Paid automobile expenses for the month, $ 650, and miscellaneous expense, $300 6. Paid office salaries, $ 1400 Paid interest on the note payable, $60 7. Purchased land as a future building site, $20,000 8. Paid dividends, $1000 Instructions: 1. Prepare an income statement 2. Prepare a balance sheet statement