Required information [The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during December. December 1 Sanyu Sony transferred $65,000 cash from a personal savings account to a checking account in the name of Sony Electric in exchange for its common stock. December 2 The company paid $1,400 cash for the December rent. December 3 The company purchased $13,500 of electrical equipment by paying $5,300 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $1,000 cash. December 6 The company completed electrical work and immediately collected $1,900 cash for these services. December 8 The company purchased $2,850 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $4,900. December 18 The company purchased $320 of supplies on credit. December 20 The company paid $2,850 cash for the office equipment purchased on December 8. December 24 The company billed a client $1,000 for electrical work completed; the balance is due in 30 days. December 28 The company received $4,900 cash for the work completed on December 15. December 29 The company paid the assistant's salary of $1,600 cash for this month. December 30 The company paid $520 cash for this month's utility bill. December 31 The company paid $940 cash in dividends to the owner (sole shareholder). SONY ELECTRIC Income Statement For Month Ended December 31 Revenues Electrical services revenue 7,800 Total Revenues 7,800 Expenses Rent expense 1,400 Utilities expense 520 Total expenses 1,920 5,880 Net income $