Use the accounting equation. $2-$a$.2-$a$.$ Prepare the income statement for the current month.

$2-$b$.$ Prepare the income statement $-$ current month.

$2-$b$.$ Prepare the statement of retained earnings for the current month.

$2-$c$.$ Prepare the balance sheet as of the end of the month.

$3.$ Prepare the statement of cash flows for the current month.

Complete this question by entering your answers in the tabs below.

Required $2$A

Required $2$B

Required $2$C

Prepare the income statement for the current month. Prepare the statement of retained earnings for the current month.Prepa

a$.$ On January $1,$ Lumia Company's liabilities are $$65,000$ and its equity is $$45,000.$ On January $3,$ Lumia purchases and installs

solar panel assets costing $$15,000.$ For the panels, Lumia pays $$6,500$ cash and promises to pay the remaining $$8,500$ in six

months. What is the total of Lumia's assets after the solar panel purchase?

b$.$ On March $1,$ ABX Company's assets are $$105,000$ and its liabilities are $$35,000.$ On March $5,$ABx is fined $$17,500$ for failing

emission standards. ABx immediately pays the fine in cash. After the fine is paid, what is the amount of equity for ABx $?$

c$.$ On August $1,$ Lola Company's assets are $$35,000$ and its liabilities are $$15,000.$ On August $4,$ Lola issues a sustainability report.

On August $5,$ ownership invests $$5,500$ cash and $$9,500$ of equipment in Lola. After the investment, what is the amount of

equity for Lola?

Complete this question by entering your answers in the tabs below.

Required A

On January $1,$ Lumia Company's liabilities are $$65,000$ and its equity is $$45,000.$ On January $3,$ Lumia purchases and installs

solar panel assets costing $$15,000.$ For the panels, Lumia pays $$6,500$ cash and promises to pay the remaining $$8,500$ in six

month. What is the total of Lumia's assets after the solar panel purchase?a$.$ On January $1,$ Lumia Company's liabilities are $$65,000$ and its equity is $$45,000.$ On January $3,$ Lumia purchases and installs

solar panel assets costing $$15,000.$ For the panels, Lumia pays $$6,500$ cash and promises to pay the remaining $$8,500$ in six

month. What is the total of Lumia's assets after the solar panel purchase?

b$.$ On March $1,$ ABX Company's assets are $$105,000$ and its liabilities are $$35,000.$ On March $5,$ABx

$[$The following information applies to the questions displayed below.$]$

Sanyu Sony started a new business and completed these transactions during December.

December $1$ Sanyu Sony transferred $$65,500$ cash from a personal savings account to a checking account in the

name of Sony Electric in exchange for its common stock.

December $2$ The company paid $$1,000$ cash for the December rent.

December $3$ The company purchased $$13,600$ of electrical equipment by paying $$5,400$ cash and agreeing to pay

the $$8,200$ balance in $30$ days.

December $5$ The company purchased supplies by paying $$800$ cash.

December $6$ The company completed electrical work and immediately collected $$1,400$ cash for these services.

December $8$ The company purchased $$2,640$ of office equipment on credit.

December $15$ The company completed electrical work on credit in the amount of $$6,900.$

December $18$ The company purchased $$430$ of supplies on credit.

December $20$ The company paid $$2,640$ cash for the office equipment purchased on December $8.$

December $24$ The company billed a client $$900$ for electrical work completed; the balance is due in $30$ days.

December $28$ The company received $$6,900$ cash for the work completed on December $15.$

December $29$ The company paid the assistant's salary of $$2,000$ cash for this month.

December $30$ The company paid $$520$ cash for this month's utility bill.

December $31$ The company paid $$940$ Pre

Required:

Enter the amount of each transaction on individual items of the accounting equation.

Enter reductions to account balances with a minus sign