Turner Board Rentals was started on January 1, 2019 by Raman Tumner with an investment of S70.000 cash. The company is out snowboards and related from a small store During the first 11 months. Tumer made tonalinvestments of 526.000 and borrowed 558.000 from the bank. He did not winds The balance sheet accounts, excluding Turner's capital account at November 30, 2019. as follow Cash $ 47,000 Accounts Receivable 17,000 Rental Gear 42,000 60,000 Rental Snowboards 34,000 Store Equipment Accounts Payable Note Payable 15,000 48,000 Dec 1 The business paid $6.400 for the month's rent on the store space 4 The business signed a one-year lease for the rental of additional store space at a cost of 54.600 per month The lease is effective January 1. The business will pay the first month's rent in January 6 Rental revenues for the week were: Gear, 54.600 Boards, $10,000 Seventy percent of the fees were paid in cash and the rest on account. 10 The business paid the accounts payable from November 30, 2019, 12 The business purchased gear for $34,000 and boards for $56.000, all on account 13 Rental revenues for the week were Gear, $8,600Boards, $16,000. All the fees were paid in cash 15 The company received payment for the accounts receivable owing at November 30, 2019. 18 The company purchased store equipment for $24,000 by paying $3,400 cash with the balance due in 60 days 20 Rental revenues for the week were. Gear, 59,600 Boards, 516,000. Half the fees were paid in cash and half on account 21 Tumer withdrew $8.800. 24 The company paid the balance owing for the purchases made on December 12 27 Rental revenues for the week were: Gear, 56,200, Boards. $14,000. All the fees were paid in cash. 27 The company received payment for rental fees on account from December 6. 31 The company paid its employees for the month of December The total wages expense was $12,000. 31 Tumer paid the utility bill for the month of December, which was $4 300 Required 1. What is the total net income earned by the business over the period of January 1, 2019 to November 30, 2019? 2. Analyze the effects of the Delember 2019 transactions on the accounting equation of Turner Board Rentals. Include the account balances from November 30, 2019 3. Prepare the income statement for Turner Board Rentals for the month ended December 31, 2019 4. Prepare the statement of owner's equity for Turner Board Rentals for the month ended December 31, 2019 5. Prepare the balance sheet for Turner Board Rentals at December 31, 2019. 6. Turner has expressed concern that although the business seems to be profitable and growing, he constantly seems to be investing additional money into it. Prepare a reply to his concerns