Lydia Trottier has prepared baked goods for sale since 2001. She started the baking business in her home and has been operating in a rented building with a storefront since 2006. Lydia incorporated the business as Grouper Inc. on January 1, 2023, with an initial share issue of 2,300 common shares for $3,600. Lydia is the principal shareholder of Grouper Inc. Sales have increased by 30% annually since operations began at the present location, and additional equipment is needed for the continued growth that is expected. Lydia wants to purchase some additional baking equipment and to finance the equipment through a long-term note from a commercial bank. Fidelity Bank \& Trust has asked Lydia to submit a statement of income for Grouper for the first five months of 2023 and a statement of financial position as at May 31, 2023. Lydia assembled the following information from the corporation's cash basis records to use in preparing the financial statements that the bank wants to see: 1. The bank statement showed the following 2023 deposits through May 31: 2. The following amounts were disbursed through May 31, 2023: s per 3. Unpaid invoices at May 31,2023 , were as follows: 4. Accounts receivable records showed uncollected sales of $4,646 at May 31, 2023. 5. Raw materials inventory costing $2,275 was on hand at May 31,2023 . There were no materials in process or finished goods on hand at that date. No raw materials were on hand or in process and no finished goods were on hand at January 1, 2023. 6. The note for the three-year bank loan is dated January 1,2023 , and states a simple interest rate of 13%. The loan requires quarterly payments on April 1, July 1, October 1, and January 1. Each payment is to consist of equal principal payments [$3,000(34)=$250] plus accrued interest since the last payment. 7. Employees have been paid through May 25, 2023, and are due an additional \$284 on May 31, 2023. 8. Equipment costing $3,600 was purchased on January 2,2023 , and has an estimated useful life of five years with no residual value. Straight-line depreciation is used. 9. Rent was paid for six months in advance on January 2, 2023. 10. A one-year insurance policy was purchased on January 2, 2023. 11. Grouper is subject to an income tax rate of 21%. No tax instalments have been paid. 12. Payments and collections from the unincorporated business through December 31, 2022, were not included in the corporation's records, and no cash was transferred from the unincorporated business to the corporation