Chapter 1 Continuing Problem Continuing Problem Chapter 1, Part 2 Instructions eBook Labels and Amount Descriptions Accounting Equation Grid Instructions Peyton Smith enjoys listening to all types of music and owns countless CDs. Over the years, Peyton has gained a local reputation for knowledge of music from classical to rap and the ability to put together sets of recordings that appeal to all ages. During the last several months, Peyton served as a guest disc jockey on a local radio station. In addition, Peyton has entertained at several friends parties as the host deejay. On June 1, 2016, Peyton established a corporation known as PS Music. Using an extensive collection of music MP3 files, Peyton will serve as a disc jockey on a fee basis for weddings, college parties, and other events. During June, Peyton entered into transactions that were posted to the accounting equation grid in Part 1 of this problem. Required: 2. Prepare an income statement for PS Music for the month ended June 30, 2016. 3. Prepare a retained earnings statement for PS Music for the month ended June 30, 2016 4. Prepare a balance sheet for PS Music as of June 30, 2016. For guidance in completing the financial statements, be sure to read the instructions above each statement carefully.