Requirea Information [The following information applies to the questions displayed below.] Lisa Frees and Amelia Ellinger have been operating a catering business for several years. In March, the partners plan to expand by opening a retail sales shop. They have decided to form the business as a corporation called Traveling Gourmet, Inc. The following transactions occurred in March: a. Received $82,000 cash from each of the two shareholders to form the corporation, in addition to $2,200 in accounts receivable, $5,700 in equipment, a van (equipment) appraised at a fair value of $13,400, and $1,300 in supplies. Gave the two owners each 540 shares of common stock with a par value of $1 per share. b. Purchased a vacant store for sale in a good location for $380,000, making a $76,000 cash down payment and signing a 10-year mortgage note from a local bank for the rest. c. Borrowed $52,000 from the local bank on a 10 percent, one-year note. d. Purchased food and paper supplies costing $10,600 in March; paid cash. e. Catered four parties in March for $4,400; $1,640 was billed and the rest was received in cash. f. Sold food at the retail store for $17,000 cash; the food and paper supplies used cost $10,870. (Hint: Record two the revenue effect separate from the expense effect.) g. Received a $440 telephone bill for March to be paid in April. h. Paid $383 in gas for the van in March. i. Paid $6,680 in wages to employees who worked in March. j. Paid a $320 dividend from the corporation to each owner. k. Purchased $52,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $21,000 (added to the cost of the building); paid cash. 1. Prepare an unadjusted classified income statement in good form for the month of March. TRAVELING GOURMET, INC. Income Statement (unadjusted) Revenues: Total revenues Expenses: Total costs and expenses