Section 1 Determine the changes to the income statement, balance sheet,job cost ledger, and equipment ledger based on the following transactions. Show each transaction graphically, then complete Section 2. a. Record a bill for lumber used in job 302 in the amount of $6,151r b. Record a $18,444 bill received from a subcontractor for work performed atjob 302, and you will withhold 10% of that bill c. Pay for office rent in the amount of 52,711 d. Send an invoice to an owner for $20,082. The owner will withhold 10% retention. e. Record repairs to backhoe 27 in the amount of 5495 f Record depreciation for backhoe 27 in the amount of 5524 g. Record a bill received for telephone service in the amount of 5194 h. Pay a bill for concrete forjob 302 in the amount of 56,924 i. Billjob 302 for backhoe 27 in the amount of 5764 j. Receive a check from an owner for progress payment for 522,709. No retention was withheld. Section 2 For the current accounting period, using the percentage of completion accounting method and assuming no changes other than those listed above, what are you now showing for the following accounts? 1 Revenues 2 Total Construction Costs 3 Total Equipment Costs 4 Gross Profit 5 Total Overhead Expenses 6 Net Profit from Operations I 7 Total Current Assets (current period} 8 Net Fixed Assets (current period) 9 Total Current Liabilities (current period) 10 Total Equity (current period) Assets Assets Liabilities Accounts Payable trade 5,151 Equity Current Period Net Income 45,151 {I Liabilities Accounts Payable trade 15,5995 Accounts Payable Retention 1344.4 Equity Current Period Net income 13,444 {I Expenses Materials 5,157 I Profig 1 45,157 i} Expenses Subcontract 13,444 Profit 13,444 Revenues Revenues