Required information [The following information applies to the questions displayed below.] 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 $89,000 cash from each of the two shareholders to form the corporation, in addition to $2,900 in accounts receivable, $7,100 in equipment, a van (equipment) appraised at a fair value of $14,800, and $1,650 in supplies. Gave the two owners each 680 shares of common stock with a par value of $1 per share. b. Purchased a vacant store for sale in a good location for $450,000, making a $90,000 cash down payment and signing a 10 -year mortgage note from a local bank for the rest. c. Borrowed $59,000 from the local bank on a 10 percent, one-year note. d. Purchased food and paper supplies costing $12,000 in March; paid cash. e. Catered four parties in March for $5,100;$1,780 was billed and the rest was received in cash. f. Sold food at the retail store for $17,350 cash. g. Used food and paper supplies costing $11,010. h. Received a $510 telephone bill for March to be paid in April. i. Paid $453 in gas for the van in March. j. Paid $8,080 in wages to employees who worked in March. k. Paid a $390 dividend from the corporation to each owner. I. Purchased $59,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $24,500 (added to the cost of the building); paid cash. Required: 1. Prepare an unadjusted classified income statement for the month of March. Required: 1. Prepare an unadjusted classified income statement for the month of March