Required information [The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during December. Dec. 2 1 Sanyu Sony transferred $64, 400 cash from a personal savings account to a checking account in the name of Sony Electric in exchange for its common stock. The company rented office space and paid $1,200 cash for the December rent. 3 The company purchased $13, 700 of electrical equipment by paying $5,500 cash and agreeing to pay the $8,200 balance in 30 days. 5 The company purchased office supplies by paying $900 cash. 6 The company completed electrical work and immediately collected $1,700 cash for these services. 8 The company purchased $2,620 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $4,400. The company purchased $310 of office supplies on credit. 20 The company paid $2,620 cash for the office equipment purchased on December 8. 24 The company billed a client $1,000 for electrical work completed; the balance is due in 30 days. 28 The company received $4,400 cash for the work completed on December 15. 29 The company paid the assistant's salary of $1,600 cash for this month. 30 The company paid $550 cash for this month' s utility bill. 31 The company paid $910 cash in dividends to the owner (sole shareholder). 18 Required: 1. Enter the amount of each transaction on individual items of the accounting equation. (Enter reductions to accounting balances with a minus sign.) 2.1. Prepare an income statement for the current month. SONY ELECTRIC Income Statement For Month Ended December 31 Revenues Expenses Total expenses 0 EA 0 2.2. Prepare a statement of retained earnings for the current month. SONY ELECTRIC Statement of Retained Earnings For Month Ended December 31 Retained earnings, December 1 $ 0 0 Retained earnings, December 31 $ 0 2.3. Prepare a balance sheet as of the end of the month. SONY ELECTRIC Balance Sheet December 31 Assets Liabilities Equity 0 Total equity 0 Total liabilities and equity Total assets $ 0 3. Prepare a statement of cash flows for the current month. (Cash outflows should be indicated with a minus sign.) SONY ELECTRIC Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities $ 0 Cash flows from investing activities 0 Cash flows from financing activities 0 $ 0 0 Cash balance, Dec. 1 Cash balance, Dec. 31