Complete, in good form, an Income Statement, Balance Sheet, and Statement of Cash Flows for the following transactions.

Transactions:

T1

Company issues $200,000 of common stock @ $8.00 per share.

T2

Company issues preferred stock @ 7% for $22 per share.

T3

The company borrows on April 1st, 1 million dollars @ 7% interest rate

T4

On June 1st, The company purchases 15 taxi cabs for $20,000, 5% salvage value, 5-year life

T5

Revenue for the whole year was $600,000

T6

Operating expenses were $45,000

T7

The tax rate was 22%.

T8

Common stock dividends were paid on December 31st for the amount of 10% of Net Income, "if-any."