Epic Styles, Inc. opens its first hair salon in Calgary on January 1, 2023. It prepares a quarterly financial statement for its owners and external stakeholders. Below is the unadjusted trial balance of Epic Styles at the end of its first quarter of operation ending on March 31, 2023. Epic Styles, Inc. Unadjusted Trial Balance At March 31, 2022 Cash $ 18,000.00 Prepaid Insurance $ 600.00 Prepaid Rent $ 7,300.00 Equipment $ 9,700.00 Furniture and Fixtures $ 9,700.00 Accounts Payable $ 10,800.00 Deferred Revenue $ 400.00 Notes Payable Long-term) $ 20,000.00 Common Stock $ 10,000.00 Retained Earnings, December 31, 2022 $ 2,100.00 Dividends $ 300.00 Service Revenue $ 12,300.00 Supplies Expense $ 5,500.00 Salaries and Wages $ 3,200.00 Utilities Expense $ 700.00 Rent Expense $ 600.00 TOTAL $ 55,600.00 $ 55,600.00 Required: Based on the unadjusted trial balance of Epic Styles, Inc. above, you are required to prepare/write the following: 1) An income statement (8 points); 2) A statement of retained earnings (4 points); 3) Balance Sheet (12 points); 4) A paragraph stating your evaluation of the companys performance and financial status for the quarter ending March 31, 2023. (6 points) In your evaluation, state whether: o the business is profitable; o it is able to pay its current obligations/liabilities; and o its assets are financed more by debts or equity