Minnie Mechanic purchased a small engine shop. Accordingly, she invested $8000 of her personal savings in acquiring the following assets: Cash $1000 Inventory 3000 Equipment 4000 Over the first month of operation, sales and expenses for the shop were as follows: Sales $13 500 Inventory purchases 7 000 Salaries 3 000 Advertising expenses 250 Rental expenses 600 Utility expenses 400 In addition, the following information is available: Of the inventory purchases, an amount of $6000 was paid cash, while the rest is still owed (i.e. $1000). The inventory now holds $2600 of merchandise. i) Prepare a balance sheet on opening day. ii) Prepare an income statement for the period (ignore any depreciation expense) iii) If by the end of the period, the shareholder's equity account has a balance of $9850, determine the balance in the cash account