Transaction Analysis and AdjustmentsMark Ladd opened Ladd Roofing Service on April $1.$ The unadjusted account balances as of April $30$ are as follows:Cash$$5,805$ Accounts payable$$3,140$Accounts receivable$4,600$ Unearned revenue$1,800$Supplies$1,200$ Common Stock$11,660$Prepaid insurance$2,880$ Retained earnings $($beginning$)$Truck$5,840$ Roofing fee revenue$9,500$Accumulated depreciation $-$ Truck$-$ Fuel expense$75$Equipment$2,940$ Advertising expense$260$Accumulated depreciation $-$ Equipment$-$ Wages expense$2,500$a$.$ Using the Transaction Analysis Template, determine the financial statement effect of each of the necessary adjustments as of April $30\mathrm{.}1.$ Supplies on hand on April $30$ amounted to $$400\mathrm{.}2.$ A two$-$year insurance policy was purchased on April $1\mathrm{.}3.25\%$ of the roofing fees received in advance $($in Unearned revenue$)$ were earned by April $30.$b$.$ Prepare the income statement for the month of April and the balance sheet as of April $30.$Transaction Analysis TemplateIncome StatementBalance SheetTIP: Refer to Exhibit $3-3$ for help with the order of presentation. Enter amounts that reduce the totals as negative numbers.Ladd Roofing Service