In 2006 you joined a group of 20 Richland College graduates tostart a company that provides innovative tutoring and educationalservices You are responsible for all accounting activities. Afterapplying to the Secretary of State in Austin, Shannon’s TutoringCorporation
(STC)
receivedits corporate charter and began business as a TexasCorporation on December 1, 2006. During the first month of businessthe following Transactions occurred. You must analyze eachtransaction’s effect on the Accounting Equation and Prepare theIncome Statement, Statement of Retained Earnings and the BalanceSheet for the Year ended 12/31/2006.