Monica's Clothing inc. (MCl) is a small low-end clothing store located in Aberdeen Mali, Kamloops. You have recently been hired by Monica to prepare the financial statements for its first fiscal year which ends on December 31at. Here's some information for you to work with: "The company started its operations on April 1st, 2022, and Monica put down $100,000 into the store and received 10,000 common shares in return. Annual rent for the store space is $12,000 and the lease term is 2-years - From April 1, 2022, to March 31", 2024. Rent for the first year of the lease was prepaid by Monica on April 1:2022. MCl paid $20,000 to furnish the store with Furniture \& Fixtures. The useful life of furniture and Fixtures is 5 -years. MCI also purchased 5 Apple iPads costing $600 each and their useful life is 3 -years. IPads will be used by the sales associate to ring in the sales and help shoppers finding different items in the store. Furniture and Fixtures and the iPads were paid for by cash and both were ready to go when the store first opened its doors on April 14, 2022. Utilities are all poid up except December which is due on January 8 th. December bill amount is $400. MCi makes sure payment is made on the due date. You count the amount on all bills up until November and see that in total MCI have paid $3,000 for the utilities so far. Salaries expense per month is $7,000 and half of the December salaries ($3,500) will be paid on January 3rd. Remaining half ($3,500) has already been paid in December. MCI also bought some store supplies at the beginning of the operations, and it cost 54,000 at the time and were paid for in cash. A count on Dec 31 ", revealed that only $500 worth of supplies were left. Sales data as at Dec 31,2022, is as follows: - Total sales $300,000 Cash sales 525,000 Credit card sales 200,000 Debit card sales - $75,000 Credit card companies charge MCI 1.5% of the total transaction price as their fees and remit the rest of the amount on a weekly basis. As at December 31", there were $15,000 worth of sales monies for which MCi had not recelved payment from the credit card companies. There are no fees associated with the debit card sales and as at Dec 31, 2022, MCi was owed 55,000 worth of sales monies from different banks. Inventory and cost of goods sold data as at Dec 31u,2022 is as follows: - Total inventory purchased $200,000 Cost of goods sold $150,000 Remaining inventory - $50,000 Damaged and written off imventory $3,000 Credit card companies charge MCi 1.5* of the total transaction price as their fees and remit the fest of the amount on a weekly basis. As at December 31 ", there were $15,000 worth of sales monies for which MCi had not received payment from the credit card companies. There are no fees associated with the debit card sales and as at Dec 31,2022 , MCi was owed $5,000 worth of sales monies from different barks. Inventory and cont of goods sold dita as at Dec 3111,2022 is as follows: - Total inventory purchased 5200,000 Cost of goods sold - 5150,000 Remaining invertory - $50,000 Darnaged and written off inventory - 33,000 MC ower 520,000 to the inventory supplier for which payment wilt be made in lanuary 3021 . MCipaid $30,000 to Monica as dividends on Decenber 31,2022. Required: 1. Provide aili noctary joumal entries coverine period Apeill 1", 2022 to December 31, 2022 . 2. Pepare a satement of income for the year end December 31,2022 . 3. Frepare a atatement of retained eaming for the year ended December 31,2022 . 4. Prepase a statement of financial povition as at December 31,2022