CP 1-8 A junior bookkeeper of Adams Ltd. prepared the following financial statements at the end of its first month of operations. Adams Ltd Income Statement For the Month Ended January 31, 2011 Revenue $3,335 Expenses Accounts Payable $ 300 Land 1,000 Miscellaneous Expenses 335 1,635 Net Income $1,700 Assets Cash Repairs Expense Salaries Expense Building Balance Sheet Liabilities and Shareholder's Equity $1,000 Rent Expense $ 300 500 Share Capital 3,000 1,000 Retained Earnings 1,700 2,500 $5,000 $5,000 Solution Required: Prepare a revised interim income statement and balance sheet. ns