Part 2: Problem (5 points) Latvia opened Lava Company on June 1, 2021. Lava Company completed the following merchandising transactions in the month of June. Jun 1: Owner invests $10,000 cash in exchange for share capital Jun 2: Purchased inventory from Costco for $6,000, FOB destination, terms 1/10, n/30. The appropriate party also made a cash payment of $50 for freight on this date. Jun 10. Purchase an equipment for $1,200 cash Jun 12. Sold merchandise to Memme for $4,000, FOB destination, terms 1/10, n/30. The appropriate party also made a cash payment of $50 for freight on this date. The inventory sold had a cost of $2,500. Jun 19. Receiving payment from Memme in full, less discount if any. Jun 24. Paid Costco in full, less discount if any. Jun 30. Depreciation expense (equipment) of the month is $50 Jun 30. Salaries and wages expense paid by cash is $900 Instructions (a) Journalize the June transactions using a perpetual inventory system (3 points) (b) Prepare closing entries. (1 points) (e) Prepare Multiple-step income statement for Lava company for June, 2020. (1 points)