John Block opened Block Construction on May 1 of the current year. The following amounts summarize the transactions and financial position of Block Construction as of May 31. During May the following transactions occurred: 1-May Block purchased $20,000 of stock in the company. 2-May The company purchased $4,000 of equipment for the company with cash. 7-May The company purchased supplies for $1,000 on account. 15-May The company replaced some windows for a client and received $10,000 cash as payment in full at the time of service. 17-May The company sent an invoice to a customer for work performed, $3,800. 20-May The company paid $700 of his accounts payable balance as of May 20th. 24-May The company collected a partial payment of $1,000 from the customer for the work done and billed (invoice) on May 17. 25-May The company sold $5,000 of company stock to an investor. 28-May The company paid wages of $2,500. 30-May The company paid office rent of $1,500. 30-May The company paid dividends of $1,800 to investors. Requirements: 1 Use the date line to enter the transactions for May into the accounting equation. The spreadsheet will automatically calculate the new balances after each entry. Assets = Liabilities + Stockholders' Equity Cash + Accounts Receivable + Supplies + Equipment + Accounts Payable + Common Stock + Service Revenue - Wages Expense - Office Rent Expense - Dividends 1-May + + + = + + - - - 2-May + + + = + + - - - 7-May + + + = + + - - - 15-May + + + = + + - - - 17-May + + + = + + - - - 20-May + + + = + + - - - 24-May + + + = + + - - - 25-May + + + = + + - - - 28-May + + + = + + - - - 30-May + + + = + + - - - 30-May Bal. + + + = + + - - - 2 Prepare the Income Statement for the month of May for Block Construction by completing the gray cells, using information from the spreadsheet above or calculating values as appropriate. Block Construction Income Statement For the Month Ended May 31, 20XX Revenues: Service Revenue Expenses: Wages Expense Office Rent Expense Total Expenses Net Income 3 Prepare the Statement of Retained Earnings for Block Construction for the Month of May by completing the gray cells, using information from the spreadsheet above or calculating values as appropriate. Block Construction Statement of Retained Earnings For the Month Ended May 31, 20XX Retained Earnings, May 1 Net Income Less Dividends Increase in Retained Earnings Retained Earnings, May 31 4 Prepare the Balance Sheet for Block Construction as of May 31, by completing the gray cells, using information from the spreadsheet above or calculating values as appropriate. Block Construction Balance Sheet May 31, 20XX ASSETS LIABILITIES Cash Accounts Payable Accounts Receivable Total Liabilities Supplies Equipment STOCKHOLDER'S EQUITY Common Stock Retained Earnings Total Stockholder's Equity Total Assets Total Liabilities & Stockholders Equity 5 Address the following four questions for Block Construction. Use full sentences and write in good form