Larry Power started a new business in the name of Power Electrical on October 1, 2020. During October, a number of activities occurred and the following totals resulted at October 31, 2020 (shown in accounting equation format) Asset office Supplies Accounts Neceivable $7,600 Cash + $36,000+ Office Equip 534,00 Electrical quin . $17,000 Liabilities Accounts Payable $24,000 Equity Larry Power Capital $73,100 + $2,500 . + + During November, the following occurred: Nov. 1 Rented office space and paid cash for the month's rent of $7,000. 3 Purchased electrical equipment for $24,000 from an electrician who was going out of business, by using $13,000 in personal funds and agreeing to pay the balance in 30 days. 5 Purchased office supplies by paying $2,400 cash. Nov. 6 Completed electrical work and inmediately collected $2,600 for doing the work. Purchased $5,000 of office equipment on credit. 15 Completed electrical work on credit in the mount of 16,600. 16 Interviewed and hired part-time electrician who will be paid 55,900 each month. He will begin work in three weeks. 18 Purchased $1,600 of office supplies on credit. 20 Paid for the office equipment purchased on November 3. 24 Billed a client 55,100 for electrical work; the balance is due in 30 days. 28 Received $6,600 for the work completed on November 15. 30 Paid the office assistant's salary of $5,000. 30 Pald the monthly utility bills of $4,200. 30 Power withdrew $2,000 from the business for personal use. 30 Power withdre 32, from the business for personal use. The following table shows the the effects of each November activity on the items in the equation Orrie OFFIE Arcount Receivable $ 7,600 Bal. $ 2,50 $ 34,000 $17.000 $24.NO -Cash Oct. 31 536,000 Nuv. 1 7.00 3.13.000 - 13.000 52,400 6 + 2,600 $73.100 -2. -13.000 Investent hy wer *$ 24,000 2,400 +511,000 + 5,800 + 5,500 6,600 Electrical es Electrical fees are 6,00 1.600 + 1.600 15 16 18 20 5. 24 28 + 6,600 30 - 5.000 30 4,200 30 2,000 $18,000 + 5,100 6,600 + 5.100 Electrical fees earned - 5,000 4,200 2,000 $36,600 $81,400 $ 118,000 Salaries expense utilities expense withdrawal by $ 12,700 $ 39,800 $ 41,000 $6,500 $110,000 Required: 1. Using the above information, prepare an income statement.