Then, prepare a simple income statement and a balance sheet to present to the bank Transactions: a. You started your company with $75,000 that you raised by selling stock in Practice Makes Perfect Inc. to your family and friends. b. Knowing that you would need additional funds, you presented your business plan to the bank and were able to get a $50,000 loan at 10 percent. c. You purchased three planos for $17,000 each paying cash. You believe these planos will last five years before you replace them. At the end of the five years, you think you can sell each piano for $1,000 d. You spent $3,000 on supplies, which you charged on account. e. The newspaper bills you $500 for the advertisement you ran. You plan on paying the bill next month, 1. Rent for the space you have leased is $1,000 a month, which you paid 8. The first month you billed students $2,000 for lessons. h. You paid your two part-time plano teachers $500 each at the end of the month. 1. One of your students paid the $200 invoice you sent earlier in the month J. You wrote the check for the interest owed for the month k. You adjusted the supplies account for $250 of sheet music that you gave to students 1. You recorded one month of depreciation on the planos You should submit your work via the Excel file. In addition to filling in the transactions, be sure to create a simple income statement for 7/1-7/31 and a simple balance sheet for 7/31. These can be on the same Excel worksheet