Juliet Corporation has entered into business on July 1,205. The owner, Romeo Juliet, conducted the following transactions during the month of July: - Invested $50,000 of his own money in exchange for equity in the company. - Took out a loan for $100,000 at 7% interest for 3 years. - Purchased equipment for operations worth $125,000 in cash. It is expected to have no salvage value after its useful life of 10 years. - Purchased 1,500lbs of materials at $1.00 per pound. - Used 1,350lbs of materials to make 450 units of inventory. - Sold 425 units of inventory at a price of $6.50 each in cash. - Recorded interest on the loan for the month. - Recorded depreciation on the equipment for the month. Fill in the following income statement and balance sheet, and answer the questions at the bottom