Larkspur, Inc. was started on May 1. A summary of May transactions is presented as follows. 1. 2. 3. 4. 5. Stockholders invested $24,000 cash in the business in exchange for common stock. Purchased equipment for $4,000 cash. Paid $600 cash for May office rent. Paid $700 cash for supplies. Incurred $350 of advertising costs in the Beacon News on account. Received $4,800 in cash from customers for repair service. Declared and paid a $1,500 cash dividend, Paid part-time employee salaries $1,100. Paid utility bills $120. Performed repair services worth $900 on account 6. 7. 8. 9. 10. 11. Collected cash of $140 for services billed in transaction (10). Larkspur, Inc. Income Statement $ $