Crane Company, a ski tuning and repair shop, opened on November 1, 2021. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2022. Cash Receipts Cash Payments Issuance of common shares 17,000 $9,000 1.190 300 800 Payment to purchase repair shop equipment Rent payments to landlord Newspaper advertising payment Utility bill payments Part-time helper's wage payments Income tax payment Cash receipts from ski and snowboard repair services Subtotals 2,000 10,000 30,000 47,000 23,290 Cash balance 23,710 Totals $ 47,000 47.000 The repair shop equipment was purchased on November 1 and has an estimated useful life of 5 years. Lease payments to the landlord are made at the beginning of each month. The part-time helper is owed $ 350 at April 30,2022, for unpaid wages. At April 30, 2022, customers owe Crane Company $ 350 for services they have received but have not yet paid for. Prepare an accrual-basis income statement for the 6 months ended April 30, 2022. CRANE COMPANY Income Statement For the Six Months Ended April 30, 2022 Revenues Service Revenue 30350 Expenses Depreciation Expense $ 900 i 300 i Advertising Expense Utilities Expense 800 i Salaries and Wages Expense 2350 Income Tax Expense 10000 1190 Rent Expense 15540 Total Expenses 14810 Net Income /(Loss) (b) Prepare the April 30, 2022, classified balance sheet. (List Current Assets in order of liquidity.) CRANE COMPANY Balance Sheet Assets $ . Liabilities and Stockholders' Equity 4 Assets . $ = Liabilities and Stockholders' Equity $ 42 $ + and Media