LM Limited started business on 1 November 2019. During the first month in business the following transactions occurred:

a Issued share capital, $200 000.

b Paid one months rent of $4000.

c Provided services to customers on credit, $60 000; $22 000 of this amount had been received by the end of the month.

d Paid wages of $14 000. An additional $2000 in wages is owed at the end of the month for work done during November.

e Received a $3000 bill for maintenance work done during November; the bill will be paid in December.

REQUIRED:1 Prepare an income statement for the month of November 2019.2 Prepare a balance sheet at 30 November 2019.