Crane Company, a ski tuning, and repair shop opened on November 1, 2021. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2022. Cash Receipts Cash Payments Issuance of common shares $20,000 Payment to purchase repair shop equipment $9,200Payments to landlord 1,225Newspaper advertising payment 375Utility bill payments 970Part-time helper’s wage payments 2,600Income tax payment 10,000Cash receipts from ski and snowboard-repair services 32,150 Subtotals 52,150 24,370Cash balance 27,780Totals $52,150 $52,150The repair shop equipment was purchased on November 1 and has an estimated useful life of 4 years. Lease payments to the landlord are made at the beginning of each month. The payments to the landlord included a security deposit of $175. The part-time helper is owed $420 at April 30, 2022, for unpaid wages. At April 30, 2022, customers owe Franken Company $540 for services they have received but have not yet paid for.1. Prepare an accrual-basis income statement for the 6 months ended April 30, 2022.2. Prepare the April 30, 2022, classified balance sheet. (List Current Assets in order of liquidity.)