Robert King opened a business called King Engineering and recorded the following transactions in its first month of operations. Jun. 1 Robert King, the owner, invested $152,000 cash, office equipment with a value of $18,000, and $86,000 of drafting equipment to launch the company. Jun. 2 The company purchased land worth $62,000 for an office by paying $24,500 cash and signing a long-term note payable for $37,500. Jun. 2 The company purchased a portable building with $42,000 cash and moved it onto the land acquired on June 2. Jun. 2 The company paid $10,800 cash for the premium on a 15-month insurance policy. 'Jun. 7 The company completed and delivered a set of plans for a client and collected $16,600 cash. Jun. 12 The company purchased $35,600 of additional drafting equipment by paying $22,500 cash and signing a long-term note payable for $13,100. Jun. 14 The company completed $34,800 of engineering services for a client. This amount is to be received in 30 days. Jun. 15 The company purchased $2,450 of additional office equipment on credit. Jun. 17 The company completed engineering services for $27,200 on credit. Jun. 18 The company received a bill for rent of equipment that was used on a recently completed job. The $2,600 rent cost must be paid within 30 days. Jun. 20 The company collected $17,400 cash in partial payment from the client billed on June 14. Jun. 21 The company paid $1,400 cash for wages to a drafting assistant. Jun. 23 The company paid $2,450 cash to settle the account payable created on June 15. Jun. 24 The company paid $1,575 cash for minor maintenance of its drafting equipment. Jun. 26 Robert King withdrew $10,000 cash from the company for personal use. Jun. 28 The company paid $1,400 cash for wages to a drafting assistant. Jun. 30 The company paid $3,540 cash for advertisements on the web during June. Descriptions of items that require adjusting entries on June 30, 2019, follow. a) The company has completed, but not yet billed, $16,400 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $2.450 salvage value, is $300 per month c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $19,600 salvage value, is $1.700 per month. Ctrminht linn nareciation on the buildin mind -75.aar life and cancha 010 Aranha Joy-C UCPCLTOOI O MELYUPITILI, ugsumy uuhycornu unu V4,TUU Surveye vuruc, 13 puu PI HILI. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $19,600 salvage value, is $1,700 per month d) Straight-line depreciation on the building, assuming a 25-year life and a $6,000 salvage value, is $120 per month e) The balance in prepaid insurance represents a 15-month policy that went into effect on June 1. f) Accrued interest on the long-term note payable is $180. g) The drafting assistant is paid $1,400 for a 5-day work week. 2 days' wages have been incurred but are unpaid as of month-end. Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Adjusted KING ENGINEERING Income Statement For Month Ended June 30, 2019 Revenues $ GA 0 0 0 Expenses 0 0 0 0 0 0 0 WUVEU 0 $ 0 Expenses: 0 0 0 0 0 0 0 0 0 0 0 Net income $ 0