During the summer between his junior and senior years, James Cook needed to earn sufficient money for the coming academic year. Unable to obtain a job with a reasonable salary, he decided to try the lawn care business for three months. After a survey of the market potential, James bought a used pickup truck on June 1 for $1,390. On each door he painted "James Cook Lawn Service, Phone 471-4487." He also spent $710 for mowers, trimmers, and tools. To acquire these items, he borrowed $2,580 cash by signing a note payable promising to pay the $2,580 plus interest of $85 at the end of the three months (ending August 31). By the end of the summer, James had done a lot of work and his bank account looked good. This prompted him to wonder how much profit the business had earned. A review of the check stubs showed the following: Bank deposits of collections from customers totaled $13,000. The following checks had been written: gas, oil, and lubrication, $1,100; pickup repairs, $250; mower repair, $230; miscellaneous supplies used, $160; helpers, $5,400; payroll taxes, $300; payment for assistance in preparing payroll tax forms, $30; insurance, $135; telephone, $140; and $2,665 to pay off the note including interest (on August 31). A notebook kept in the pickup, plus some unpaid bills, reflected that customers still owed him $740 for lawn services rendered and that he owed $200 for gas and oil (credit card charges). He estimated that the cost for use of the truck and the other equipment (called depreciation ) for three months amounted to $780. Required: 1.Prepare a quarterly income statement for James Cook Lawn Service for the months June, July, and August. Assume that the company will not be subject to income tax