How does the income statement relate to the balance sheet?

A$)$ The income statement provides information about a company's financial position at a specific point in time

B$)$ The income statement summarizes the changes in a company's equity during a specific period

C$)$ The income statement provides details about the company's assets, liabilities, and equity.

D$)$ The income statement records the cash inflows and outflows of a company during a specific period