Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company completed the following transactions during its first month of operations. May 1 G. Gram invested $41,000 cash in the company. May 1 The company rented a furnished office and paid $2,400 cash for May's rent. May 3 The company purchased $1,870 of equipment on credit. May 5 The company paid $760 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,500 cash. May 12 The company provided $2,700 of consulting services for a client on credit. May 15 The company paid $780 cash for an assistant's salary for the first half of this month. May 20 The company received $2,700 cash payment for the services provided on May 12. May 22 The company provided $3,300 of consulting services on credit. May 25 The company received $3,300 cash payment for the services provided on May 22. May 26 The company paid $1,870 cash for the equipment purchased on May 3. May 27 The company purchased $85 of equipment on credit. May 28 The company paid $780 cash for an assistant's salary for the second half of this month. May 30 The company paid $350 cash for this month's telephone bill. May 30 The company paid $300 cash for this month's utilities. May 31 G. Gram withdrew $1,700 cash from the company for personal use. 2-a. Prepare the income statement for May. 2-b. Prepare the statement of owner's equity for May. 2-c. Prepare the balance sheet for May 31. 3. Prepare the statement of cash flows for May.