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J$.$ Kamas and G$.$ Charrier 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, Incorporated. The following transactions occurred in March:

a$.$ Received $$104,000$ cash from each of the two shareholders to form the corporation, in addition to $$4,400$ in accounts receivable, $$10,100$ in equipment, a van $($equipment$)$ appraised at a fair value of $$17,800,$ and $$2,400$ in supplies. Gave the two owners each $980$ shares of common stock with a par value of $$1$ per share.

b$.$ Purchased a vacant store for sale in a good location for $$600,000,$ making a $$120,000$ cash down payment and signing a $10-$year mortgage note from a local bank for the rest.

c$.$ Borrowed $$74,000$ from the local bank on a $10$ percent, one$-$year note.

d$.$ Purchased food and paper supplies costing $$15,000$ in March; paid cash.

e$.$ Catered four parties in March for $$6,600$;$$2,080$ was billed and the rest was received in cash.

f$.$ Sold food at the retail store for $$18,100$ cash.

g$.$ Used food and paper supplies costing $$11,310.$

h$.$ Received a $$660$ telephone bill for March to be paid in April.

i$.$ Paid $$603$ in gas for the van in March.

j$.$ Paid $$11,080$ in wages to employees who worked in March.

k$.$ Paid a $$540$ dividend from the corporation to each owner.

I. Purchased $$74,000$ of equipment $($refrigerated display cases, cabinets, tables, and chairs$)$ and renovated and decorated the new store for $$32,000($added to the cost of the building$)$; paid cash.

equired:

Prepare an unadjusted classified income statement for the month of March.