Question 1 (50 points] Ludwig Inc. began operations 2 years ago. Its adjusted account balances at May 31, 2014 are shown below. Ludwig Inc. issued shares worth $7,500 during May, 2014. Use this information to prepare the following: 2 a. Income statement for the month ended May 31. b. Statement of changes in equity for the month ended May 31. c. Classified balance sheet at May 31. (select one) Income Statement (select one) X X X X X 1 1 1 1 1 + Account Accounts payable Accounts receivable Accumulated depreciation, boats Accumulated depreciation, machinery Boats Bonds Payable (due October, 2017). Cash Commissions earned Consulting revenue earned Depreciation expense, boats Depreciation expense, machinery Dividends Interest expense Land Long-term notes payable Long-term investment in shares Machinery Property taxes expense Property taxes payable Rent earned Retained earnings Salaries expense Salaries payable Share capital Short-term notes payable Trademark Balance 5,440 7,280 3,120 2,030 25,540 9,480 3,560 8,390 3,520 640 890 3,220 1,010 4,790 7,600 13,090 17,670 4,610 1,890 9,650 9,480 15,920 17,030 12,070 12,020 3,500 (select one) Statement of Changes in Equity (select one) Share Retained Total Capital Earnings Equity Activate Windows Go to Settings to activate Windows (select one) Balance Sheet (select one X X