Problem V: The following are condensed financial statements for Talley Inc. for the month of August. Solve for all spots marked with a ?*. You may either write or type your answers over the question marks or enter them in the chart on the next page. Talley Inc. Income Statement For the month ended August 31, 20X1 $ 200,000 Service revenue Expenses: $ 60,000 Salaries expense Rent expense Insurance expense 7,000 Utilities expense 2,000 1.000 Miscellaneous expense Total expenses Net Income Talley Inc. Statement of Stockholders' Equity For the month ended August 31, 20X1 Common Stock $ 15,000 6,000 Retained Earnings $ 23,000 Total Stockholders' Equity $ 38,000 6,000 110,000 Beginning balances - Aug 1 Add: New stock issuances Add: Net income 110,000 Less: Dividends $ 21.000 $ 124.000 Ending balances Aug 31 Talley Inc. Balance Sheet at August 31, 20X1 Liabilities: Assets: Accounts Payable Salaries Payable Notes Payable Cash 1,000 30.000 Supplies Equipment 4,000 90,000 40.000 Land Total Liabilities Owners' Equity $21,000 Common Stock Retained Earnings Total Stockholders' Equity 124.000 6. Total Liabilities & Stockholders' Equity Total Assets $164.000