Harvest Moon Farms

Transaction	Description	Amount
1	Issued common stock	$250,000
2	Bought farming equipment on credit	$70,000
3	Paid for advertising	$5,000
4	Sold produce on account	$100,000
5	Paid wages	$40,000
6	Received cash from customers	$80,000
7	Paid for utilities	$4,000

Requirement: Record transactions, post to the ledger, and prepare an income statement.