1. Prepare an income statement for the month ended December 31. 2. Prepare a statement of owner's equity for the month ended December 31. (Note: The company just began operations on January 1) 3. Prepare a balance sheet as of December 31. 4. Record and post the necessary closing entries for Business Solutions. Then prepare a post-closing trial balance as of December 31. 5. Based on your knowledge of GAAP, evaluate the financial statements you have prepared. How do you think the business is doing in its first year of operations? Would you invest in this business? Why or Why not?