Blue Spruce Corp. was started on May 1. A summary of May transactions is presented as follows. 1. Stockholders invested $15,000 cash in the business in exchange for common stock. 2. Purchased equipment for $4,500 cash. 3. Paid $600 cash for May office rent. 4. Paid $600 cash for supplies. 5. Incurred $200 of advertising costs in the Beacon News on account. 6. Received $5,300 in cash from customers for repair service. 7. Declared and paid a $1,300 cash dividend. 8. Paid part-time employee salaries $900. 9. Paid utility bills $120. 10. 11. 11 Performed repair services worth $910 on account. Collected cash of $100 for services billed in transaction (10). stion 16 of 18 < > Blue Spruce Corp. Income Statement $ $ $ 0.44/1