Assume you have been working as an accountant since the opening a new business called Lion Consulting. It was started on January 1 of the current year. On December 31, you talk to the owner about "completing the accounting cycle," including preparing a work sheet, financial statements, and journalizing and posting the closing entries. The owner says to you, "I see no need to waste your time or mine in doing this. We have not been very profitable this year. Let's wait until one year from now before doing any of this." 1. What should your response be to him/her? Briefly provide explanations/justifications that you would use to support your answer to him/her and INCLUDE what information would be provided by each financial statement we have studied -- 2. The Income Statement, 3. The Statement of Owner's Equity, and 4. The Balance Sheet. 5. How would NOT "closing the books" and the temporary accounts impact the accounting records for the following year or new accounting cycle