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Problem 1-7A (Algo) Analyzing transactions and preparing financial statements LO P1, P2 [The following information applies to the questions displayed below) Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company completed the following transactions during its first month of operations May 1 G. Gran invested $42,500 cash in the company, May 1 The company rented a furnished office and paid $2,500 cash for May's rent. May 3 The company purchased $1,920 of equipment on credit, May 5 The company paid $720 cash for this month's cleaning services. May 8 the company provided consulting services for a client and immediately collected $5,600 cash. May 12 The company provided $2,602 of consulting services for a client on credit, May 15 The company paid $790 cash for an assistant's salary for the first half of this month. May 20 The company received $2,600 cash payment for the services provided on May 12. May 22 The company provided $3,200 of consulting services on credit. May 25 The company received $3,200 cash payment for the services provided on May 22. May 26 The company paid $1,920 cash for the equipment purchased on May 2. May 27 The company purchased $90 of equipment on credit. May 28 The company paid $790 cash for an assistant's salary for the second half of this month May 30 The company paid 5350 cash for this month's telephone bill May 30 The company paid $270 cash for this month's utilities May 31 G. Gram withdrew $2,000 cash from the company for personal use Problem 1-7A (Algo) Part 2 and 3 2-a. Prepare the income statement for May 2-b. Prepare the statement of owner's equity for May. 2-c. Prepare the balance sheet for May 31. 3. Prepare the statement of cash flows for May. Complete this question by entering your answers in the tabs below. Required 2A Required 20 Required 20 Required Prepare the income statement for May THE GRAM COMPANY Income Statement For Month Ended May 31