Question 3 On March 1, Carl Caldwell started Caldwell Furniture Repair Company. He invested $2,000 of his own money, borrowed 516,000 from his father-in-law at 9% annual interest, and obtained an additional S3,000, 12% loan from Maxi Bank. He purchased $15,000 of tools and equipment (some new, some used) and bought $5,200 of supplies such as paints, resins, and glue, all for cash. He rented a shop at a local business park by paying $3,600 in advance for the months of March April, and May. During March he performed repairs totaling $7,600 and used up $2,400 of supplies. of the repair services performed, 75% were paid for in cash by the end of the month and the balance was expected to be collected in April. Cail estimated that wear and tear (i.e. depreciation) on the equipment and tools during March was $250. On March 31, he owed 332 to the clectric company and $78 to the water company for services consumed. Also on that date, he paid interest totaling S150 on the two loans. Required: 1. Preparc Journal entrics, T-accounts, and Trial Balance from the above-given details (for the month of March only). 15 marks) 2. Prepare an Income Statement and a Classified Balance Sheet for the month of March. [4 marks