Coolest Dry Cleaners is owned and operated by John Snow. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company for a fee. The assets and liabilities of the business on 1stJuly 2019 are as follows: Cash $45,000; Accounts Receivable $93,000; Supplies $7,000; Land $75,000; Accounts Payable $40,000. Business transactions during July are summarized as follows:a.John Snow invested additional cash in the businesswith a deposit of $35,000 in the business bank account.b.Paid $50,000 for the purchase of land next to the current land owned by Coolest Dry Cleaners as a future building site.c.Received cash from customers who paid in cash for dry cleaning revenue $32,125.d.Paid rent for the month $6,000.e.Purchased supplies on account, $2,500.f.Paid creditors on account, $22,800.g.Charged customers for dry cleaning revenue on account $84,750.h.Received monthly invoice for dry cleaning expense for July (to be paid only on 10th August2019) $29,500.i.Paid the following: Wages expense $7,500; Truck expense $2,500; Utilities expense $1,300; Miscellaneous expense $2,700.j.Received cash from customers on account $88,000.k.Determined that the cost of supplies on hand was $5,900; therefore, the cost of supplies used during the month was $3,600.l.John Snow withdrew $12,000 cash for personal use.Required:1.Determine the amount of capital or owners equity in the company as of 1st July 2019. (1 point)2.State the assets, liabilities and owners equity as of 1st July in equation form (this is set up for you already in the table provided). Then, in the table, indicate the increase or decrease amounts resulting from each transaction above and show the final total for the assets, liabilities and owners equity at theend of the month. (13 points)3.Prepare the Income Statement (13 points) and Balance Sheet (13 points) as of 31st July2019 for Coolest Dry Cleaners. (The format for the Income Statement and Balance Sheet has been prepared for you) ~~ The End ~~ State the assets, liabilities and owners equity as of 1st July in equation form (this is set up for you already in the table below). Then, in the table, indicate the increase or decrease amounts resulting from each transaction above and show the final total for the assets, liabilities and owners equity at the end of the month. Put a plus "+" or minus "-" sign in front of each amount. If there are no amounts, write a zero "0".