1. On May 1, 2007, the amount of Mary Beth's capital in Beths Services Company was P101,000. During May, she withdrew P15,100 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows:

Accounts payable P 8,900

Accounts receivable 25,950

Cash 11,390

Fees earned 70,800

Insurance expense 1,475

Land 74,400

Miscellaneous expense 1,510

Prepaid insurance 2,000

Rent expense 8,000

Salary expense	35,300
Supplies	950
Supplies expense	825
Utilities expense	3,800

Present, in good form, (a) an income statement for May, (b) a statement of owner's equity for May, and (c) a balance sheet as of May 31.