Please do the problem using the same format. Thanks!

7G Corporation began on January 1, 2016. 7G is a consulting company. 7G also issues quarterly online magazine. Following are the transactions for its first year of business. Prepare 7G's income statement for 2016 and 7G's balance sheet at the end of 2016. (You may use pages 4 and 5.) 1. On January 1, 2016, 7G Corporation started doing business and owners contributed $250,000 capital in cash in exchange for common stock. 2. On January 1, 2016, the company paid $42,000 to landlord. $6,000 represented a refundable deposit the $36,000 covered the rent for the office space for the 24-month period from January 1, 2016, to December 31, 2017. 3. On January 1, 2015, the company purchase office equipment for $80,000 in cash. The equipment has an estimated life of five years with $5,000 salvage value. The equipment was immediately placed into use. 7G used the straight-line method of depreciation. 4. On February 1, 2016, 7G received $ 24,000 cash for two-year subscription to the quarterly online magazine. 5. On March 1, 2016. ADK Inc. entered into a consulting contract under which 7G Corporation promised to provide consulting to ADK Inc. for the 10-month period from March 1, 2016, to December 31, 2016. In return, ADK promised to pay monthly consulting fee of $16,000, which was to be paid at the end of the following month. For example, fee for march was paid at the end of April. 7G fulfilled its contractual obligation during 2016. 6. On the 20^th of March, June September and December 2016, the online magazine was uploaded to 7G's website for subscribers. 7. Through November 30, 2016, the company had paid $ 77,000 to its employees for 11 months of salaries. Accrued salaries on December 31, 2016 were $7,000. 8. On December 31, 2016, GHL Corporation advanced $ 50,000 to 7G Corporation for consulting services to be provided during 2017