(Effect of Transactions on Accounting Equation) The general ledger of Colourful Corporation, a paint store, had the following balances in its general ledger on May 31, 2012:

Cash	$8,500
Accounts Receivable	$1,400
Inventory	$22,050
Equipment	$2,500
Accounts Payable	$9,600
Common Shares	$10,000
Retained Earnings	$14,850

The following transactions occurred during June 2012:

1. Collected all, but $800 of the accounts receivable outstanding on May 31.
2. Sold paint that costs $20,500 to customers for $34,000. Of these sales, 80% was for cash and 20% was on credit.
3. Paid the accounts payable outstanding on May 31.
4. Bought paint from a supplier for $18,300, half on credit and half for cash.
5. Paid rent for June of $2,200.
6. Sent out a statement reminding a customer that he still owed $800 from May.
7. Purchased additional equipment for $3,000 with money borrowed from the bank.
8. Took out an advertisement in the local paper for $150. The company will pay for it in July.
9. Paid salaries and wages of $5,500.
10. Paid utilities for June of $550.
11. Paid dividends of $1,000 cash to the owner of the company.

Prepare a Statement of Comprehensive Income for June 2012 and Statement of Financial Position at June 30, 2012.