P1-1A Kinney's Repair Ltd. was started on May 1. A summary of May transactions is presented below. 1. Shareholders invested 10,000 cash in the business in exchange for ordinary shares. 2. Purchased equipment for 5,000 cash. 3. Paid 400 cash for May office rent. 4. Paid 700 cash for supplies. 5. Incurred 250 of advertising costs in the Beacon News on account. 6. Received 4,700 in cash from customers for repair service. 7. Declared and paid a 1,000 cash dividend. 8. Paid part-time employee salaries 1,000. 9. Paid utility bills 160. 10. Performed repair service worth 980 on account. 11. Collected cash of 120 for services billed in transaction (10). Instructions (a) Prepare a tabular analysis of the transactions, using the following column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Share Capital, and Retained Earnings (with separate columns for Revenues, Expenses, and Divi- dends). Include margin explanations for any changes in Retained Earnings. Revenue is called Service Revenue. (b) From an analysis of the Retained Earnings columns, compute the net income or net loss for May