You started your business on January 1st 2020 buying and selling widgets from a shop in downtown Los Angeles. It is now March 31st 2020 and you are curious to know how well or badly you did during your first three months. Below are you bank account receipts and payments summary. Date Transaction Description Receipts Payments 1/1/2020 Cash deposit to start business $ 10,000.00 1/1/2020 Three month's rent $ 2,400.00 1/1/2020 Cash register paid for $ 450.00 1/1/2020 Store furniture paid for 1/31/2020 Receipts for sales in January 2020 2/7/2020 Widgets supplied in January paid for 2/25/2020 Cash withdrawn for your own expenses 2/29/2020 Receipts for sales in February 2020 3/15/2020 Widgets supplied in February paid for 3/16/2020 Store utility charges for Jan, Feb, Mar 2020 3/31/2020 Receipts for sales March 2020 3/31/2020 Balance in bank on March 31st 2020 $ 6,500.00 S 8,500.00 S 4,500.00 $ 3,000.00 $ 9,000.00 $ 6,000.00 $ 300.00 $ 12,000.00 $ 12,350.00 $ 37,500.00 $ 37,500.00 Create an income statement that covers the first quarter of 2020. Use the same format from Chapter 3 of your text book. What is the net surplus/loss of your business for the three months? Use this spreadsheet to complete your assignment; do not submit a PDF file!