Question: Part A Diligent and Flake both had a passion for acting and decided to translate their love for acting into a business and run

an Acting Studio. They decided to incorporate their operations on Feb 1,

Part A Diligent and Flake both had a passion for acting and decided to translate their love for acting into a business and run an Acting Studio. They decided to incorporate their operations on Feb 1, 2021, as D&F Acting, Inc. They made the following contributions: Part B Original Cost Fair Value Feb 1/21 Diligent Cash $0 $3200 Video camera $11500 $8800 7-year-old truck $30000 $8000 Flake Accounts receivables $5000 $3500 Lighting equipment $37000 $26500 Landscaping fees Expenses D&F Acting, Inc Income Statement Year ended Jan 31, 2022 $135000 Salaries $28000 Rent $6000 Depreciation $2000 Supplies $3000 $39000 Profit $96000

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