On may 1, cullumber company, a company that provides flying lessons, was started by issuing common stock in exchange for cash of $45,100. following are the assets and liabilities of the company on may 31, 2019, and the revenues and expenses for the month of may. cash $ 4,800 notes payable $28,000 accounts receivable 7,550 rent expense 1,150 equipment 64,150 maintenance and repairs expense 600 service revenue 6,950 gasoline expense 2,250 advertising expense 650 utilities expense 150 accounts payable 1,550 no additional investments were made in may, but the company paid dividends of $350 during the month. prepare an income statement for the month of may.