LO 3 4 E1-24A. (Learning Objective 3, 4: Preparing an Income Statement and a statement of changes in equity) Assume Fast Copy Center ended the month of July 20X6 with this data: Payments of cash: Acquisition of equipment ....... $480,000 Dividends.... 4,200 Retained earnings June 30, 20X6 0 Retained earnings July 31, 20X6. ? 12,000 Adjustments to reconcile net income to net cash provided by operations......... 2,300 Salary expense...... 168,000 Cash balance, June 30, 20X6..... $ 0 Cash balance, July 31, 20X6...... 10,000 Cash receipts: Issuance of shares to owners 69,500 Rent expense 2,300 Share capital... 69,500 Equipment..... 41,000 Office supplies. 13,700 Accounts payable 16,000 Service revenue.. 604,500 Utilities expense Requirement 1. Prepare the Income Statement and the Statement of Changes in Equity of Fast Copy Cen- ter, for the month ended July 31, 20X6. E1-25A. (Learning Objective 3, 4: Preparing a Balance Sheet) Refer to the data in Exercise 1-24A. Requirement 1. Prepare the Balance Sheet of Fast Copy Center, Inc., for July 31, 20X6. LO 34