Transactions during the period 1 December 2015 to 30 November 2016 are given below for ABC Construction.

(1) Total income (fees) from construction contracts $400,000

(2) Material inventory purchased on account 80,000

(3) Total office rent paid 20,000

(4) Salaries paid to engineers 90,000

(5) Accounts receivable collected 60,000

(6) Account payable paid 30,000

(7) Subcontractor accounts paid 70,000

(8) Bidding expenses 20,000

(9) Building depreciation 40,000

(10) Construction equipment depreciation 30,000

Using the transactions presented in Appendix B as a guide:

Journalize all of the above transactions.

Post journal entries to appropriate accounts.

Develop the Income Statement for period 1 December 2015 to 30 November 2016

Develop the Balance Sheet for ABC Construction as of 30 November 2016.