Martin Company had the following transactions during its first month of operations: Junel The company received cash of 35,000 and issued common stock to the shareholders. 2 Borrowed 20,000 from the bank and signed a long-term note payable. 8 Purchased equipment with a short-term note payable for 10,000. 9 Performed services billed at 3,000 and received cash of 3,000. 10 Performed services for a client on account, 6,500. 12 Employees worked two weeks and were paid salaries of 1,000. 15 Paid the short-term note payable from the June 8 purchase. 22 Purchased office supplies on account for 7,000. 30 Paid amount due for office supplies. 30 Paid June's monthly rent of 500. 30 Paid the monthly income taxes of 2,200. 30 The Board of Directors declared and paid dividends of 1,000. Required: A. Create Journal Ledger for the Martin Company. Write the narration with the entries. B. Prepare a single-step income statement for the first month of operations. Include a proper heading.