Pro blem. Write your answer in the space provided or on a separate sheet of paper. 31) Hernandez Company began business operations and experienced the following transactions during Year 1, its first year of operations: 1.1) Issued common stock for $50,000 cash. 2.2) Provided services to customers for $125,000 on account. 3.3) Purchased $2,500 of supplies on account. 4.4) Paid $30,000 cash to rent office space for a 12 -month period beginning July 1 . 5.5) Collected $115,000 cash from customers. 6.6) Paid cash for $90,000 of operating expenses. 7.7) Adjusted the accounting records to reflect that there was $750 of supplies remaining on hand at yearend. 8.8) Recorded a year-end adjustment to recognize rent expense. The transactions from the 8 transactions above are recorded in the table below. Required: 1.a) Prepare Hemandez Company's income statement, balance sheet and statement of stockholders' equity for the year ended December 31, Year 1. \begin{tabular}{cc} & Assets \\ \hline Cash & Accounts Receivable \\ 50,000 & \end{tabular} 125,000 3. 4. (30,000) 5. 115,000(115,000) 6. (9,000) 7. (1,750) 8