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9. Rent was paid for six months in advance on January 2, 2023. 10. A one-year insurance policy was purchased on January 2, 2023. 11. Flint is subject to an income tax rate of 21%. No tax instalments have been paid. 12. Payments and collections from the unincorporated business through December 31, 2022, were not included in the corporation's records, and no cash was transferred from the unincorporated business to the corporation. (a) Using the accrual basis of accounting, prepare a statement of income for the five months ended May 31, 2023. (Round earnings per share value to 2 decimal places, e.g. 5.27 and other values to 0 decimal places, e.g. 5,275.) Lydia Trottier has prepared baked goods for sale since 2001. She started the baking business in her home and has been operating in a rented building with a storefront since 2006. Lydia incorporated the business as Flint Inc. on January 1, 2023, with an initial share issue of 2,400 common shares for $3,800. Lydia is the principal shareholder of Flint Inc. Sales have increased by 30% annually since operations began at the present location, and additional equipment is needed for the continued growth that is expected. Lydia wants to purchase some additional baking equipment and to finance the equipment through a long-term note from a commercial bank. Fidelity Bank \& Trust has asked Lydia to submit a statement of income for Flint for the first five months of 2023 and a statement of financial position as at May 31, 2023. Lydia assembled the following information from the corporation's cash basis records to use in preparing the financial statements that the bank wants to see: 1. The bank statement showed the following 2023 deposits through May 31: 2. The following amounts were disbursed through May 31, 2023: 9. Rent was paid for six months in advance on January 2, 2023. 10. A one-year insurance policy was purchased on January 2, 2023. 11. Flint is subject to an income tax rate of 21%. No tax instalments have been paid. 12. Payments and collections from the unincorporated business through December 31, 2022, were not included in the corporation's records, and no cash was transferred from the unincorporated business to the corporation. (a) Using the accrual basis of accounting, prepare a statement of income for the five months ended May 31, 2023. (Round earnings per share value to 2 decimal places, e.g. 5.27 and other values to 0 decimal places, e.g. 5,275.) Lydia Trottier has prepared baked goods for sale since 2001. She started the baking business in her home and has been operating in a rented building with a storefront since 2006. Lydia incorporated the business as Flint Inc. on January 1, 2023, with an initial share issue of 2,400 common shares for $3,800. Lydia is the principal shareholder of Flint Inc. Sales have increased by 30% annually since operations began at the present location, and additional equipment is needed for the continued growth that is expected. Lydia wants to purchase some additional baking equipment and to finance the equipment through a long-term note from a commercial bank. Fidelity Bank \& Trust has asked Lydia to submit a statement of income for Flint for the first five months of 2023 and a statement of financial position as at May 31, 2023. Lydia assembled the following information from the corporation's cash basis records to use in preparing the financial statements that the bank wants to see: 1. The bank statement showed the following 2023 deposits through May 31: 2. The following amounts were disbursed through May 31, 2023