Following are account balances (in millions of dollars) from a recent StateEx annual report, followed by several typical transactions. Assume that the following are account balances on May 31 (end of the prior fiscal year): Account Property and equipment (net) Retained earnings Accounts payable Prepaid expenses Accrued expenses payable Long-term notes payable Other noncurrent assets Common stock ($0.10 par value) Balance $ 17,894 13,606 1,657 308 2, 470 1,890 3,152 1 Account Receivables Other current assets Cash Spare parts, supplies, and fuel Other noncurrent liabilities Other current liabilities Additional Paid-in Capital Balance $ 2,549 1,079 1,284 794 3,890 2,339 1,207 These accounts are not necessarily in good order and have normal debit or credit balances. Assume the following transactions (in millions, except for par value) occurred the next fiscal year beginning June 1(the current year): a. Provided delivery service to customers, who paid $11,390 in cash and owed $38,304 on account. b. Purchased new equipment costing $3,834; signed a long-term note. c. Paid $11,864 cash to rent equipment and aircraft, with $6,136 for rent this year and the rest for rent next year. d. Spent $1,264 cash to repair facilities and equipment during the year. e. Collected $36,285 from customers on account. f. Repaid $350 on a long-term note (ignore interest). g. Issued 220 million additional shares of $0.10 par value stock for $36 (that's $36 million). h. Paid employees $14,276 for work during the year. i. Purchased spare parts, supplies, and fuel for the aircraft and equipment for $12,564 cash. j. Used $7,450 in spare parts, supplies, and fuel for the aircraft and equipment during the year. k. Paid $1,184 on accounts payable. 1. Ordered $128 in spare parts and supplies. P3-6 Part 3 3. Prepare an unadjusted income statement for the current year ended May 31. Cash Receivables Beg. bal. Beg. bal. End. bal. 0 End, bal Spare Parts, Supplies, and Fuel Prepaid Expenses Spare Parts, Supplies, and Fuel Prepaid Expenses Beg. bal. Beg. bal. End, bal. 0 End. bal. 0 Other Current Assets Property and Equipment (net) Beg. bal. Beg. bal. End. bal. 0 End. bal. Other Noncurrent Assets Accounts Payable Beg. bal. Beg. bal. End. bal. End. bal. 0 Accrued Expenses Payable Other Current Liabilities Beg. bal. Beg. bal. End. bal 0 End. bal. 0 Long-Term Notes Payable Other Noncurrent Liabilities Beg. bal. Beg. bal. End, bal 0 End. bal. 0 Common Stock Additional Paid-in Capital Beg. bal. Beg. bal. End. bal. End. bal. 0 Retained Earnings Delivery Service Revenue Beg. bal Beg. bal. End. bal. ol End. bal. 0 Rent Expense Repair Expense Beg. bal. Beg. bal. End. bal. 0 End. bal. 0 Wage Expense Spare Parts, Supplies, and Fuel Expense Beg. bal. Beg. bal. End. bal. 0 End. bal. 0