Noura started a business on January1, 2020 called Elegance, Inc. Elegance is a retail company that sells organic skin care the following information was available on Elegance Inc.: OMR 44,500 Cash Sales of skin care Credit Sales of skin care Advertisement 25,500 308 15,550 Capital Supplies Beginning Equity 155 4,000 Salaries 5,000 205 Prepaid Expenses Insurance Dividends 3702 2350 Tax 1,701 QUESTION 2 Time: 25-30 minute Noura started a business on January, 2020 called Elegance, Inc. Elegance is a retail company that sells organic skin care the following information was available on Elegance Inc. : OMR 44,500 25,500 Cash Sales of skin care Credit Sales of skin care Advertisement Capital 308 15,550 155 Supplies Beginning Equity Salaries 4,000 5,000 205 Prepaid Expenses Insurance 3702 Dividends 2350 Tax 1,701 Prepaid Expenses 205 Insurance 3702 Dividends 2350 Tax 1,701 Requirements: a. Using the above information, prepare the income statement for Elegance Inc, for the month ended January1, 2020. (Rubrics: 0.25 mark for each correct element and correct form for Income Statement and heading, 0.5 mark for the correct calculations of Net Income. Total = 2.5 marks) b. Using the above information, prepare the statement of owner's equity for Elegance Inc, for the month ended January1, 2020 (Rubrics: 0.25 mark for each correct element and correct form for statement of owner's equity and heading , 0.5 mark for the correct calculations of Ending Equity. Total = 2.5 marks)