Mystic Masters, Inc., provides fortune-telling services over the Internet. In recent years the company has experienced severe financial difficulty. Its accountant prepares adjusting entries on a monthly basis, and closing entries on an annual basis, at December 31 . An adjusted trial balance dated December 31 , current year, follows. (Hint: The company incurred no income taxes expense in the current year.) Required: a-1. Prepare an income statement for the year ended December 31 , current year. a-2. Prepare a statement of retained earnings for the year ended December 31, current year. a-3. Prepare the company's balance sheet dated December 31, current year. b. Prepare the necessary year-end closing entries. c. Prepare an after-closing trial balance. d. Using the financial statements prepared in part a, briefly evaluate the company's performance. e. Identify information that the company is apt to disclose in the notes that accompany the financial statements prepared in part a. Mystic Masters, Inc., provides fortune-telling services over the Internet. In recent years the company has experienced severe financial difficulty. Its accountant prepares adjusting entries on a monthly basis, and closing entries on an annual basis, at December 31 . An adjusted trial balance dated December 31 , current year, follows. (Hint: The company incurred no income taxes expense in the current year.) Required: a-1. Prepare an income statement for the year ended December 31 , current year. a-2. Prepare a statement of retained earnings for the year ended December 31, current year. a-3. Prepare the company's balance sheet dated December 31, current year. b. Prepare the necessary year-end closing entries. c. Prepare an after-closing trial balance. d. Using the financial statements prepared in part a, briefly evaluate the company's performance. e. Identify information that the company is apt to disclose in the notes that accompany the financial statements prepared in part a