May $1G.$ Gram invested $$40,500$ cash in the company in exchange for its common stock.

May $1$ The company rented a furnished office and paid $$2,300$ cash for May's rent.

May $3$ The company purchased $$1,940$ of equipment on credit.

May $5$ The company paid $$730$ cash for this month's cleaning services.

May $8$ The company provided consulting services for a client and immediately collected $$5,600$ cash.

May $12$ The company provided $$2,800$ of consulting services for a client on credit.

May $15$ The company paid $$760$ cash for an assistant's salary for the first half of this month.

May $20$ The company received $$2,800$ cash payment for the services provided on May $12.$

May $22$ The company provided $$3,700$ of consulting services on credit.

May $25$ The company received $$3,700$ cash payment for the services provided on May $22.$

May $26$ The company paid $$1,940$ cash for the equipment purchased on May $3.$

May $27$ The company purchased $$75$ of equipment on credit.

May $28$ The company paid $$760$ cash for an assistant's salary for the second half of this month.

May $30$ The company paid $$400$ cash for this month's telephone bill.

May $30$ The company paid $$250$ cash for this month's utilities.

May $31$ The company paid $$2,000$ cash in dividends to the owner $($sole shareholder$).$

Problem $1-7$A $($Algo$)$ Part $2$ and $3$

$2-$a$.$ Prepare the income statement for May.

$2-$b$.$ Prepare the statement of retained earnings for May.

$2-$c$.$ Prepare the balance sheet for May $31.$

$3.$ Prepare the statement of cash flows for May.

Complete this question by entering your answers in the tabs below.

Required $2A$

Required $2$B

Required $2$C

Required $3$

Prepare the income statement for May.

$\backslash$table$[[$THE GRAM COMPANY$],[$Income Statement$],[$For Month Ended May $31],[$Revenues:$],[$Consulting services revenue,,$$,12,100],[,,],[,,],[$Expenses$],[$Salaries expense,$1,520,,],[$Rent expense,$2,300,,],[$Cleaning expense,$730,,],[$Telephone expense,$400,,],[$Utilities expense,$250,,],[,,,],[,,,]]$