Juan Perez opened a business called Perez Engineering and recorded the following transactions in its first month of operations. Jun. 1 Juan Perez, the owner, invested $118,000 cash, office equipment with a value of $9,500, and $69,000 of drafting equipment to launch the company in exchange for common stock. Jun. Jun. Jun. 2 The company purchased land worth $53,500 for an office by paying $12,600 cash and signing a long-term note payable for $40,900. 2 The company purchased a portable building with $50,500 cash and moved it onto the land acquired on June 2. 2 The company paid $5,700 cash for the premium on a 15-month insurance policy. Jun. 7 The company completed and delivered a set of plans for a client and collected $9,800 cash. Jun. 12 The company purchased $25,400 of additional drafting equipment by paying $14,000 cash and signing a long-term note payable for $11,400. Jun. 14 The company completed $21,200 of engineering services for a client. This amount is to be received in 30 days. Jun. 15 The company purchased $1,600 of additional office equipment on credit. Jun. 17 The company completed engineering services for $23,800 on credit. Jun. 18 The company received a bill for rent of equipment that was used on a recently completed job. The $1,750 rent cost must be paid within 30 days. Jun. 20 The company collected $10,600 cash in partial payment from the client billed on June 14. Jun. 21 The company paid $2,000 cash for wages to a drafting assistant. Jun. 23 The company paid $1,600 cash to settle the account payable created on June 15. Jun. 24 The company paid $1,150 cash for minor maintenance of its drafting equipment. Jun. 26 The company paid $9,660 cash in dividends. Jun. 28 The company paid $2,000 cash for wages to a drafting assistant. Jun. 30 The company paid $2,860 cash for advertisements on the web during June. Descriptions of items that require adjusting entries on June 30, follow. a) The company has completed, but not yet billed, $9,600 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $3,300 salvage value, is $130 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $10,400 salvage value, is $1,400 per month. d) Straight-line depreciation on the building, assuming a 25-year life and a $11,500 salvage value, is $130 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 $110. g) The drafting assistant is paid $2,000 for a 5-day work week. 2 days' wages have been incurred but are unpaid as of month-end. Adjusted Revenues: PEREZ ENGINEERING Income Statement For Month Ended June 30, 2019 Expenses: Net income $ 0 0 69 $ 0 0 0 0 0 0 0 0 0 0 $ 69 0 0 0