This question concerns the items and the amounts that two entities, City of Vancouver and Public Health Organization, Inc. (PHO), should report in their financial statements. During August, PHO provided City of Vancouver with medical checks for new school pupils and sent a bill for $34,000 on September 7, Vancouver sent a cheque to PHO for $23,000 Vancouver began August with a cash balance of $49.000; PHO began with cash of $0 Requirements 1. Specify everything that both Vancouver and PHO will report on their August and September income statements and on their balance sheets at August 31 and September 30 in connection with the above transactions between them 2. Briefly explain how the City of Vancouver and PHO data relate to each other Be specific Requirement 1. Specify everything that both Vancouver and PHO will report on their August and September income statements and on their balance sheets at August 31 and September 30 in connection with the above transactions between them Start with the City of Vancouver What accounts would be affected and what amounts would be shown in those accounts? (Insert a zero in cells that have no answer.) City of Vancouver Income statement August September Balance sheet August 31 September 30 Now complete the table showing the effects of these transactions on PHO (Insert a zero in cells that have no answer.) PHO Income statement August September Balance sheet August 31 September 30 Requirement 2. Briefly explain how the City of Vancouver and PHO data relate to each other Be specific Vancouver's expense is PHO's Vancouver's cash payment is PHO's Vancouver's account payable is PHO's