Your construction company production in August consisted of starting and completing the Argus project. Your August transactions were the following: 1. Materials: 1. Purchased $20,000 on credit. 2. Purchased $14,000 for cash. 3. Fabricated and/or installed $30,000 4. Returned $2,000 for credit 2. Labor: 1. Incurred $26,000 2. Paid $3,000 for labor incurred in July. 3. Paid $24,000 for labor incurred in August. 3. Subcontracts: 1. Incurred $74,000 in subcontract costs on Argus 2. Paid $56,000 on past subcontract bills 3. Paid $13,000 on Argus subcontracts. 4. Revenue/billing: 1. Billed $156,000 for total contract amount on Argus, which the owner agrees to pay. 2. Received $127,000 on work completed earlier. 5. General and administrative: 1. Incurred $10,000 office worker payroll. 2. Paid $11,000 on August and past office worker payroll. 3. Purchased and paid for $7,200 copy machine (equipment) on (August 15) with 3 year life. 4. Purchased $6,000 office supplies on credit. (Office supplies are considered expenses when purchased.) 5. Purchased $4,000 office supplies for cash. 6. Paid $8,000 for office supplies purchased in August and earlier. 7. Loaned new superintendent $3,000 for personal expenses in moving to Ann Arbor. 8. August equipment depreciation expense = $2,000 9. Leased crane (on August 1) from dealer for 2 years for $24,000. 10. Paid $4,000 on crane lease. (Remaining $20,000 is to be paid later.) 11. You (as owner) withdrew $7,000 from the company to pay personal expenses. 12. Rented out a backhoe to M-Dig for 4 months at $1500 per month. The contract was signed on August 15 and your company received half of the total rent in cash as advance payment. Below is the balance sheet at the end of July. Please prepare a new balance sheet, at the end of August.