ouble Wish is a small business selling variety of printer ink cartridges. The balance sheet at the end of ecember 2022 is shown below. Double Wish - Balance Sheet as at 31 December, 2022 (i) 1 January, collected $10,000 cash from accounts receivable. (ii) 1 January, prepaid rent $24,000 for the next 4 months. (iii) 1 January, paid $8,000 of accounts payable, which related to inventory purchased in 2022. (iv) 2 January, the business took out additional $60,000 bank loan, which will be repaid on 31 December 2025. On the same day, the business purchased a piece of land for $100,000 cash. (v) 5 January, sold one piece of office equipment for $4,000 cash. The disposed equipment has a cost of $6,000 and accumulated depreciation of $500. (vi) 7 January, purchased $50,000 of inventory on credit, which is payable in February 2023. (vii) 8 January, sold $33,000 worth of inventory for $65,000 cash. (viii) 20 January, paid employee monthly salary of $12,000. (ix) 22 January, paid $2,000 in total for power, water, internet and phone expenses, for the month. (x) 26 January, sold $24,000 worth of inventory for $45,000 on credit, receivable in February 2023. (xi) 30 January, a customer ordered some printer ink cartridges and paid a deposit of $5,000. The delivery of the order will take place in March 2023. (xii) 31 January, the following adjustments needed to be recorded: - Accrued interest expense $1,200 for the month of January, which is payable in February 2023. - Depreciation expense $800 for office equipment in January. - Rental expense for the month of January. - Some of the benefits in the prepaid insurance has been used up and the insurance expense for the month of January is $1,000. (b) Prepare the following THREE financial statements, using the templates below: - Income Statement for the month of January 2023 , - Statement of Cash Flows for the month of January 2023, - Balance Sheet as at 31 January 2023. (hint: you need to work out the closing balance of each asset, liability and owner's equity, which includes opening balance and the change during the current financial period. SHOW your workings. You can either use the formula or T-account to work out the balance.)