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Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company completed the following transactions during its first month of operations. May 1 G. Gram invested $41,000 cash in the company in exchange for its common stock. May 1 The company rented a furnished office and paid $2,300 cash for Mays rent. May 3 The company purchased $1,920 of equipment on credit. May 5 The company paid $780 cash for this months cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,500 cash. May 12 The company provided $2,700 of consulting services for a client on credit. May 15 The company paid $770 cash for an assistants salary for the first half of this month. May 20 The company received $2,700 cash payment for the services provided on May 12. May 22 The company provided $3,200 of consulting services on credit. May 25 The company received $3,200 cash payment for the services provided on May 22. May 26 The company paid $1,920 cash for the equipment purchased on May 3. May 27 The company purchased $85 of equipment on credit. May 28 The company paid $770 cash for an assistants salary for the second half of this month. May 30 The company paid $350 cash for this months telephone bill. May 30 The company paid $280 cash for this months utilities. May 31 The company paid $1,800 cash in dividends to the owner (sole shareholder).

2-a. Prepare the income statement for May. 2-b. Prepare the statement of retained earnings for May. 2-c. Prepare the balance sheet for May 31. 3. Prepare the statement of cash flows for May.