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The following Information applies to the questions displayed below.] Lisa Frees and Amella Ellinger have been operating a catering business for several years. In March, the partners plan to expand by opening a retail sales shop. They have decided to form the business as a corporation called Traveling Gourmet, Inc. The following transactions occurred in March: a. Received $87,000 cash from each of the two shareholders to form the corporation, In addition to $2,700 In accounts receivable, $6,700 In equipment, a van (equipment) appraised at a fair value of $14,400, and $1,550 In supplies. Gave the two owners each 640 shares of common stock with a par value of $1 per share. b. Purchased a vacant store for sale in a good location for $430,000, making a $86,000 cash down payment and signing a 10-year mortgage note from a local bank for the rest. c. Borrowed $57,000 from the local bank on a 10 percent, one-year note. d. Purchased food and paper supplies costing $11,600 In March: pald cash. e. Catered four parties in March for $4,900: $1,740 was billed and the rest was received in cash. f. Sold food at the retail store for $17.250 cash; the food and paper supplies used cost $10.970. (Hint: Record two the revenue effect separate from the expense effect.) g. Received a $490 telephone bill for March to be paid in April. h. Pald $433 In gas for the van In March. 1. Pald $7,680 In wages to employees who worked In March. J. Pald a $370 dividend from the corporation to each owner. k. Purchased $57,000 of equipment (refrigerated display cases, cabinets, tables, and chalrs) and renovated and decorated the new store for $23.500 (added to the cost of the building); pald cash. Required: 1. Prepare an unadjusted classified Income statement in good form for the month of March Answer is not complete. TRAVELING GOURMET, INC. Income Statement (unadjusted) For the Month Ended March 31 Revenues Catering sales revenue s 4.900 Food sales revenue 17.250 22,150 Total revenues Expenses: Supplies expense Wages expense OOOO 10.970 7.880 490 433 OOOO Utilities expense Fuel expense Total costs and expenses 19.573