Prepare Single Step and Multiple Step Income Statements on the "Income Statement" tab for the month of January.

Transaction #1 On January 1, 2015, Ted Mason invest $100,000 in exchange of 1,000 shares of S1 par Common Stock. On January 1, 2015, Mason Yachts pre-Pays the following expenses for the next 12 months: Rent Expense $12,000 and Insurance Expense $1,200o Transaction #2 Transaction #3 On January 1, 2015, Mason Yachts buys $3,000 worth of office supplies with cash. On January 1, 2015 Mason Yachts hires three employees: John Mason, Office Manager, Frank Mason, Repairs Manager, and McCoy Mason, Sales Manager. Each of the three employees will have a monthly salary of $4,000, which will be paid on the 5th day of the next month. Transaction #4 On January 1, 2015 Mason Yachts buys $36,000 worth of machines that will be used in modifying boats that will be sold. Mason noted that these machines will have useful life of 6 years and no salvage value at the end of the 6 years Mason will use the straight-line depreciation method in depreciating the asset. Mason bought these machines with cash Transaction #5 On January 2nd, Ozark Boats pre-pays Mason Yachts $io,00o to perform repair services on 5 boats. For each boat repaired, Mason Yacht will receive $2,000 in revenue. Transaction #6 On January 2nd, John Mason purchased 5 Boats for $4,000 each at the boat actio. These boats are ready re-sale and were put into inventory on this date. Ted purchased these boats on account and will be paid in 9o days. Transaction #7 On January 15th, Mason Yachts sold 2 Boats for S10,000 each to a customer. The customer will pay in cash for these boats in 30 days. (Hint: Remember there are two entries with a sale of goods) Transaction #8 On January 30th, Mason Yachts announcee that is has declared and paid a dividend of Si to all shares of common stock Transaction #9