George Littlechild started a new kitchen and bath design business called Littlechild Enterprises. The following activities occurred during its first month of operations, March 2014: a. Littlechild invested $185,000 cash and office equipment valued at $25,000 in the business. b. Purchased a small building for $650,000 to be used as an office. Paid $125,000 in cash and signed a note payable promising to pay the balance over several years. c. Purchased $3,500 of office supplies for cash. Purchased $77,000 of office equipment on credit. George Littlechild made reservations at a hotel hosting a kitchen and bath design conference in August 2014. He will send a $1,500 deposit on July 1, 2014. Completed a project on credit and billed the client $5,700 for the work. g. Paid a local newspaper $4,000 for an announcement that the office had opened. h. Completed a project for a client and collected $4,500 cash. i. Made a $4,500 payment on the equipment purchased in (d). Received $2,750 from the client described in (f). k. Paid $8,000 cash for the office secretary's wages. I. Littlechild withdrew $4,100 cash from the company bank account to pay personal living expenses. 3-a. Prepare an income statement.. Littlechild Enterprises Income Statement For Month Ended March 31, 2014 Revenues: Service revenue Operating expenses: Wages expense Advertising expense Total operating expenses Net loss