Question 1 (20 marks) Cheddar Corporation was incorporated on January 1, 2020. The following transactions occurred in the month. Part A) (10 Marks) a) Paid $800 of utilities expenses for the month. b) Paid $5,600 for 8 months of rent from January through to August. c) Received $4,200 in advance for services to be completed in February. d) Billed a customer $7,000 for work completed in the month. e) Issued common shares for $50,000 cash. f) Collected $2,000 of the invoice that was previously billed in Part D. (The rest is assumed to still be collectable). g) Purchased a vehicle for$18,000 cash on January 1. The vehicle has an estimated life of 10 years with zero residual value (depreciation is on a straight-line basis). h) Depreciated the vehicle (purchased in part g) at the end of the month. i) Employee wages of $1,500 for January were still owing at the end of the month j) Purchased and used $500 of office supplies on credit. Required: Complete the corresponding journal entries for each item above. (Please note no explanations for the journal entries is required. The use of T-accounts is not required but you may find this useful. No adjusting entries are required.) Part B) (10 Marks) Prepare both a Balance Sheet and Income Statement for Cheddar Corporation for the month of January 2020 based on the transaction in Part A