Prepare an income statement for August. Prepare an retained earnings statement for August. (List items that increase retained earnings statement first.) Prepare a statement of financial position at August 31. (List Assets in reverse order of liquidity) Crane Co. opened on July 1,2020 . On July 31 , the statement of financial position showed Cash 5,000, Accounts Receivable 1,600, Supplies 400, Equipment 5,800, Accounts Payable 4,200, Share Capital-Ordinary 3,300, and Retained Earning of 5,300 (amounts in thousands). During August, the following transactions occurred. 1. Collected 1,300 of accounts receivable. 2. Paid 2,900 cash on accounts payable. 3. Recognized revenue of 8,700, of which 3,300 is collected in cash and the balance is due in September. 4. Purchased additional equipment for 2,100, paying 500 in cash and the balance on account. 5. Paid salaries 2,400, rent for August 1,000, and advertising expenses 450. 6. Declared and paid 1,100 dividend. 7. Received 1,600 from Standard Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account 180. Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transaction results in a decrease in Assets, Liabilities or Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1.9 for example.) Equity and Liabilities Question 5 of 6 /18 Assets 1. 2. 3. 4. 5. 6. 7. 8