Required information Problem 1-7A Analyzing transactions and preparing financial statements LO C4, P1, P2 The following information applies to the questions displayed below. Gabi Gram started The Gram Co, a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations Hay 1 G. Gram invested $43,000 cash in the company in exchange for its coemon stock 1 The company rented a furnished office and paid $2,300 cash for May's rent 3 The company purchased $5,410 of office equipment on eredit. 5 The company paid $730 cash for this morth's cleaning services 8 The company provided consulting servicee for a alient and immediately collected $5,700 cash. 12 The company provided $2,900 of consulting services for a alient on credit 15. The company paid $790 cash for an assistant 's salary for the first half of this month 20 The company received $2,900 cash payment for the services provided on Kay 12. 22 The company provided $3,900 of consulting services on credit 25 The company 26 The company paid $5,410 cash for the office equipmont purchased on Hay 3 27 The received $3,900 cash payment for the services provided on May 22 company purchased 585 of advertia ing in this month'a (May) local paper on aredit; caah due June 1 28 The company paid $790 eash for an assintant's salary for the second half of this month 30 The company pald $300 cash for this month's telephone bil1. 30 The company paid $280 cash for thin month's utilitios. 31 The company paid $1,900 cash in dividenda to the owner (sole shareholder). Problem 1-7A Part 2 and 3 2.1. Prepare income statement for May. THE GRAM co. income Statement For Month Ended May 31