Magic Styles, Inc. opens its first hair salon in Calgary on January 1, 2023. It prepares a monthly financial statement for its owners and external stakeholders. Below is the unadjusted trial balance of Magic Styles at the end of its fifth month of operation ending on May 31, 2023. Required: Based on the unadjusted trial balance of Magic 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 company's performance and financial status for the month ending May31, 2023. (6 points) In your evaluation, state whether: the business is profitable; it is able to pay its current obligations/liabilities; and its assets are financed more by debts or equity. Support your discussion with relevant calculations or ratios