Franken Company, a ski tuning and repair shop, opened on November 1, 2016. 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, 2017. Cash Cash Receipts Payments Issuance of common shares $20,000 Payment to purchase repair shop equipment $9,200 Payments to landlord 1,225 Newspaper advertising payment 375 Utility bill payments 970 Part-time helper's wage payments 2,600 Income tax payment 10,000 Cash receipts from ski and snowboard repair services 32,150 Subtotals 52,150 24,370 Cash balance 27,780 Totals $52,150 $52,150 The repair shop equipment was purchased on November 1 and has an estimated useful life of 4 years. Lease payments to the landlord are made at the beginning of each month. The payments to the landlord included a security deposit of $175. The part-time helper is owed $420 at April 30, 2017, for unpaid wages. At April 30, 2017, customers owe Franken Company $540 for services they have received but have not yet paid for. Prepare an accrual-basis income statement for the 6 months ended April 30, 2017. FRANKEN COMPANY Income Statement For the Six Months Ended April 30, 2017 4 Revenues Income Summary 32150 Expenses Accumulated Depreciation Equipment 1150 Land 1050 Advertising Expense T 375 970 Utilities Expense Salaries and Wages Expense 3020 Income Tax Expense 10000 Total Expenses 16565 15585 Prepare the April 30, 2017, classified balance sheet. (List Current Assets in order of liquidity.) FRANKEN COMPANY Balance Sheet For the Six Months Ended April 30, 2017 Assets Current Assets Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity $ Click if you would like to Show Work for this question: Open Show Work