Problem 1-7A (Static) 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. Gram invested $40,000 cash in the company in exchange for ita common stock. May 1 The conpany rented a furnished office-and paid $2,200 eash for May's rent. May 3 The company purchased $1,890 of equipment on credit, May 5 The company paid $750 cash for thie month's eleaning aervices. May 8 The company provided consulting services for a elient and immediately collected $5,400 cash. May 12 The company provided $2,500 of consulting serviee for a elient on eredit. May 15 The company paid $750 cash for an assiatant's salary for the firat half of this month. May 20 The company received $2,500 cash payment for the services provided on May 12 . May 22 The compliny 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 $1,890 cash for the equipment purchased on May 3. May 27 The company purchased $80 of equipment on credit. May 28 The company paid $750 cash for an assistant's salary for the second half of this month. May 30 The company paid $300 cash for this month's telephone bil1. May 30 The company pald $280 cash for this month's utilities. May 31 The company pald $1,400 cash in dividends to the owner (sole ahareholder). Prepare the income statement for May. Prepare the statement of retained earnings for May. Prepare the balance sheet for May 31 . Prepare the statement of cash flows for May. Note: Cash outflows should be indicated with a minus sian