Comprehensive Problem 1 Part 8: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. NOTE: You must complete parts 1, 2, 3, 4, 6 and 7 before completing part 8. Part 5 is optional. Prepare an income statement. Kelly Consulting Income Statement For the Month Ended May 31, 2019 Fees earned Expenses: Salary expense Rent expense Supplies expense Depreciation expense Insurance expense Miscellaneous expense Total expenses Net income Prepare a statement of owner's equity. Kelly Consulting Statement of Owner's Equity For the Month Ended May 31, 2019 Kelly Pitney, capital, May 1, 2019 Net income for the month Withdrawals Increase in owner's equity Kelly Pitney, capital, May 31, 2019