account, USD 120,000.a. Prepare a summary of transactions (see Part A of Exhibit 4) using column headings as given inthe balance sheet. Determine balances after each transaction.b. Prepare an income statement for May 2010.c. Prepare a statement of retained earnings for May 2010.d. Prepare a balance sheet as of 2010 May 31.The balance sheets for 2010 May 31, and 2010 April 30, and the income statement for May of theTarget-Line Golf Driving Range follow. (Common practice is to show the most recent period first.)TARGET-LINE GOLF DRIVING RANGEComparative Balance SheetMay 31,April 30,20102010AssetsCash$56,400$46,800Land163,200144,000Total assets$219,600$190,800Liabilities and Stockholders' EquityAccounts payable$18,000$27,600Capital stock144,000144,000Retained earnings57,60019,200Total liabilities and stockholders' equity$219,600$190,800TARGET-LINE GOLF DRIVING RANGEIncome StatementFor the Month Ended 2010 May 31Revenues:Service revenue$64,000Expenses:Salaries expense $16,000Equipment rental expense9,60025,600Net income$38,400All revenues earned are on account.State the probable cause(s) of the change in each of the balance sheet accounts from April 30 to2010 May 31.