On July 31, 2020, the account balances of ABC Co. for the month are listed below. The capital of the owner was Rial 25,000 on July 1, 2020, the beginning of the month. The company was able to generate Rial 31,200 in Net Income for the month of July, Account Name Balance OMR Accounts Payable Accounts Receivable 3,400 34,500 32,600 Cash Sales Revenues JXXX 16,000 3.000 4.800 25,000 4800 Auto Expense Personal loan Miscellaneous expense Beginning Equity Miscellaneous expense Supplies Rent Expense Dividends Salary expense Supplies expense 2.500 33.000 15,000 55,000 4.500 Requirements: a Using the above information, prepare the income statement for ABC Inc, for the month ended July 31,2020. (Rubrics: 0.25 mark for each correct element and correct form for Income Statement and heading ,1 mark for the correct calculations of revenues. Total = 3 marks) b Prepare a statement of Equity for the or the month ended July 31,2020. (Rubrics: 0.25 mark for each correct element and correct form of statement of stockholders' equity and heading, 0.5 mark each for the correct calculations of totals and retained earnings. Total = 3 marks)