On May 15, George Manny began a new business, called Sounds, Inc., a recording studio to be rented a out to artists on an hourly or daily basis. The following ten transactions were completed by the business during May: (a.) Issued to Manny 5,000 shares of capital stock in exchange for his investment of $200,000 cash. (b.) Purchased land and a building for $410,000, paying $100,000 cash and signing a note payable for the balance. The land was considered to be worth $310,000 and the building $100,000 (c.) Purchased studio supplies on credit, $ 1.000-. (d.) Purchased office furniture costing $18,000 and recording equipment costing $88,400 from Music Supplies. Sounds paid $28,000 cash with the remaining balance due in 30 days. (e.) Borrowed $180,000 from a bank by signing a note payable. (f.) Paid the full amount of the liability to Music Supplies arising from the purchases in D above. (g.) Paid $2.500- for salary expense for the month of May. (h.) Rent revenue for May $ 22.000-. $15.000- received in cash and remaining balance will Collected in July. (i.) Received $ 500- utility bill, which will be pay in June. (j-) Sounds paid 10.000- for advertising for the month of May. Instructions: a) Record each transaction to the general journal. b) Post each transaction to the ledger accounts. c) Prepare Trial Balance. Prepare Income Statement and Statement of Financial Position