Question 4 (Ignore GST) On 1 June 2021, Lucy's Equipment Hire opened up equipment rental business. Lucy contributed the capital of the business, 720,000 to the business's bank account. She has asked you to be record-keeper for the business on a part-time basis. During the first month of operation, the following transactions were undertaken by the business: June 2 The business acquired land for $299,000 and a building on the land for $160,000. A cash payment of $100,000 was made and a mortgage loan was arranged for the total balance owing. 4 Purchased gardening, maintenance and repairs equipment to hire out to customers for $450,000 from General Equipment Supplies. The business paid $200,000 cash, and the remainder was due to be paid in 60 days. 7 An equipment, $2,500 was transferred from the business to the owner, Lucy, for own use. 10 An equipment worth $12,000 was found to be defective, and the business returned it to General Equipment Supplies 13 The business acquired some personal desktops for the customer service office at a total cost of $8,200 paid by cheque. 15 Purchased motor vehicle. S45,000 from Billy Motors. An initial $3,500 is paid immediately and the rest is to be paid at the end of this month. An invoice was received from Billy Motors on the remaining outstanding balance, dated 16 June 2021 with terms 10/10,5/15. 20 Paid $2,500 for utilities and transportation for $1,800 25 Equipment hire income of $27,000 was received in cash. 27 Paid the remaining cash owing to Billy Motors. 29 Paid the remaining cash owing to General Equipment Supplies. 30 The business paid salaries of $5,200. 30 Equipment hire income of $20,500 was received immediately and an additional $7,000 remained owing by clients. Required: Based on the above information, prepare (a) a Transaction Analysis Chart for the month of June. (b) a Statement of Financial Position as at 30 June 2021. (10 + 5 = 15 marks)