The following transactions occurred during January: Jan 1 Shares of capital stock were issued for $100,000 cash. A garage and four cars were rented (and paid for) for the month at a cost of $5,600. 8 Fuel for the month was purchased on credit, $2,600. 15 Driving lesson fees of $8,200 for January were charged to those being taught at Laredo Driving School. (This amount is due on February 10.) 18 Office stationery worth $1,000 was bought on credit, and consumed during the month of January. (This amount is due on March 19.) Miscellaneous expenses of $4,000 were paid in cash. Land, for a future permanent site, was purchased from a savings and loan association by borrowing $200,000 on a note from that association. The loan is due to be repaid in five years. Interest payments are due at the end of each month beginning March 1. 30 Salaries of $8,000 for the month were paid. 30 Lesson fees were billed and paid by customers in the amount of $16,400. Required: (a) Prepare a summary of the above transactions. Use columns headed Cash, Accounts Receivable, Land, Accounts Payable, Notes Payable, capital Stock, and Retained earnings. Determine balances after each transactions to show that the basic equation is in balance. (b) Prepare an income statement for January 2004. (c) Prepare a balance sheet as of January 31, 2004