Jenna Aracel opened a business called Aracel Engineering and recorded the following transactions in its first month of operations.Jun. 1Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5,000, and $60,000 of drafting equipment to launch the company.Jun. 2The company purchased land worth $49,000 for an office by paying $6,300 cash and signing a longterm note payable for $42,700.Jun. 2The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b.Jun. 2The company paid $3,000 cash for the premium on a 15-month insurance policy.Jun. 7The company completed and delivered a set of plans for a client and collected $6,200 cash.Jun. 12The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a long-term note payable for $10,500.Jun. 14The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days.Jun. 15The company purchased $1,150 of additional office equipment on credit.Jun. 17The company completed engineering services for $22,000 on credit.Jun. 18The company received a bill for rent of equipment that was used on a recently completed job. The $1,333 rent cost must be paid within 30 days.Jun. 20The company collected $7,000 cash in partial payment from the client billed on June 17.Jun. 21The company paid $1,200 cash for wages to a drafting assistant.Jun. 23The company paid $1,150 cash to settle the account payable created on June 12.Jun. 24The company paid $925 cash for minor maintenance of its drafting equipment.Jun. 26Jenna Aracel withdrew $9,480 cash from the company for personal use.Jun. 28The company paid $1,200 cash for wages to a drafting assistant.Jun. 30The company paid $2,500 cash for advertisements on the web during June.Descriptions of items that require adjusting entries on June 30, 2015, follow.a)The company has completed, but not yet billed, $6,000 of engineering services for a client.b)Straight-line depreciation on the office equipment, assuming a 5-year life and a $150 salvage value, is $100 per month.c)Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $2,000 salvage value, is $1,300 per month.d)Straight-line depreciation on the building, assuming a 25-year life and a $1,000 salvage value, is $180 per month.e)The balance in prepaid insurance represents a 15-month policy that went into effect on June 1.f)Accrued interest on the long-term note payable is $75.g)The drafting assistant is paid $1,200 for a 5-day work week. 2 days' wages have been incurred but are unpaid as of month-end. include income statement, statement of retained earnings, balance sheet and impact on income.