Financial Acctg- Problem #1 NAME Strand Corp started an accounting-exam consulting business for wayward accounting students on July 1, 2021 and for the month had the following transactions: 1. Started the company with a $150,000 investment in return for stock 2. Sold consulting services for $350,000, 50% on account, the remainder for cash 3. Purchased office supplies of $10,000 on account 4. Paid wages, $120,000 5. Purchased a computer system for $15,000 by borrowing from the bank (current value = $20,000) 6. Collected $125,000 from customers previously sold to on account 7. Paid the bank 50% of what was owed them 8. Paid the following expenses: a. Utilities- $25,000 b. Rent-$60,000 c. Insurance- $25,000 9. Paid dividends of $2,000 10. Additional investment in the company was made for $50,000 REQUIRED: 1. Using the Balance Sheet Equation (A=L+E), account for the transactions above (20pts) 2. Calculate ending account balances to prove that A=L+E (4pts) 3. Prepare an Income Statement in proper form (Epts) 4. Prepare a Balance Sheet in proper form (10pts)