As the Chief Financial Officer of Dandelion LTD., one of your primary responsibilities is to maintain accurate company accounting records and prepare periodic financial statements. As of June 30, 2022, you have prepared the following balance sheet: Non-current assets machine vehicles current assets raw materials 6200 finished production inventory 5000 receivable 24500 35700 58000 25000 83000 current liability Bank overdrafts 25700 10% bank loan 10000 payable 27500 63200 55500 capital common share loss 70000 -14500 55500 At the company's board meeting in July 2022, your company's board colleagues expressed great concern about the ongoing losses and cash flow problems reflected by the increase in overdrafts from the bank. In addition, existing bank loans must be repaid by July 2022. After discussion, the six directors, including yourself, agreed that each would make an interest-free personal loan of 6,000 to the company in July 2022, which would be repaid once the cash flow issue had been resolved. The bank loan must be repaid in full by July 2022. Interest on the annual loan will be paid in July. During July 2022, the following transactions also occurred: 1. Sold finished goods costing 3,000 on credit at 6,500. 2. Receivables in the amount of 10,500 in cash were received. 3. Machines costing 7,000 were purchased and paid for by bank credit transfer. 4. The due payment was made in cash of 13,700. 5. A premium of 9,000 was paid (covering the year ending 31 December 2022). 6. Half of the raw materials were turned into finished goods, for which Labour costs of 2,500 were paid. 7. Paid 3,170 for July 2022. 8. Sold finished goods costing 7,000 on credit at 12,650. 9. The monthly utility bill of 750 has been paid. As CFO of the Company, you are required to prepare the July 2022 financial statements as soon as possible after July 31, 2022, and you are also made aware of other items that may need to be reflected in the July 2022 financial statements. These include: 1) A customer who owed 700 went bust in early August 2022. 2) Quarterly depreciation expenses need to be provided -- the depreciation rate for machinery and motor vehicles is 20% and 30% respectively, depreciated by the declining balance method. 3) A 515 vehicle repair bill incurred in July 2022 will be paid in August 2022. 1. Present the accounting equation for July 31, 2022, detailing the impact of each transaction in the accounting record for July. 2. Prepare the income statement for July 2022. 3. Prepare the balance sheet as of July 31, 2022