Question 2 [50 points] X-cell Inc. began operations on May 1, 2014. The transactions for the first month follow. a. X-cell Inc. issued shares to shareholders for $100,000 b. X-cell Inc. performed consulting services for a customer and received $100. C. A client rented equipment for $800 cash. d. A client rented equipment for $7,000 cash. e Office salaries for the month were paid today, $5,750. f. X-cell Inc. received this month's water utilities bill today and paid it immediately: $250. g. A client rented equipment for $1,100 cash. h. X-cell Inc. received a bill today for this month's electrical utilities, $200. It will be paid within 30 days i. Performed consulting services today and collected $100 j. X-cell Inc. paid dividends of $1,700 to the shareholders. Fill out the following table, according to the transactions above. Select the headings for each column by clicking on the appropriate cell. Also indicate next to each change in equity in the explanation column) whether it was caused by issuance of share capital (investment), a revenue, an expense or payment of dividends. Identify revenues and expenses by name. Calculate the total balance for each column (no + or - sign is required for totals). In addition to this, prepare an income statement, a statement of changes in equity and a balance sheet for the month ended May 31. In addition to this, prepare an income statement, a statement of changes in equity and a balance sheet for the month ended May 31. a) Complete the following accounting equation table: Assets = Liabilities Equity Explanation +Share Capital +Retained Earnings (a) ( (c) (d) (e) () (g) (h) 0 0) Bal. + b) Complete the following income statement: (select one) Income Statement (select one) X X X X c) Complete the following statement of changes in equity: (select one) Statement of Changes in Equity (select one Share Retained Total Capital Earnings Equity IX X d) Complete the following balance sheet: (select one) Balance Sheet (select one) X X X X X X X X X