QUESTION 8 The following unadjusted trial balance relates to Grain Ltd for the month ended 30 June 2020: Accounts Payable 35,800 Accounts Receivable Accumulated Depreciation: Equipment Advertising expense Bank loan Capital, 1st June 2020 Cash at Bank Cost of Sales 150,000 10,000 465,100 800,000 300,000 10,000 10,000 Depreciation expense - Equipment Ofce Supplies Expense GST Collected GST Paid Land Equipment Insurance expense (30% Store; 70% Ofce) Interest payable Rent expense (50% Store; 50% Ofce) Sales revenue 359,000 25,000 300,000 185,000 8,000 12,000 770,000 Bank Fees 2.100 60,000 18,000 1,790,100 Shop ttings Utilities expense (80% Store; 20% Ofce) Total 1,790,100 For the month ended 30 June 2020, Grain Ltd needs to adjust for the following events: (i) On 1 May 2020, a bank loan of $10,000 was taken out with an interest rate of 24% p.a. with payments made quarterly. (ii) On 15 June 2020, Grain Ltd signed a contract to lease one of its equipment to Fair Ltd for 2 years. The rental amount for the 2 years was $68,200 (GST Inclusive). On 30 June 2020, Grain Ltd sent a tax invoice to Fair Ltd for the rent due in June. No amount has been received yet. Required: Prepare a Classied Income Statement for Grain Ltd for the month ending 30 June.