Rice Lover Company began its operations on January 1, Year XXXI. The following transactions pertain to the operations of Rice Lover Company for the Year XxXI: )Acquired $40,000 cash from issuing common stock i) Performed services for $12,000 cash. ili) Provided $55,000 of services on account iv) Received $36,000 cash in advance for services to be performed over the next two years (i.e for Years XXX2 andxxx3). v) Incurred $30,000 of other operating expenses on account. vi) Collected $45,000 cash from Accounts Receivable. vii) Paid $4,000 cash for rental expense for the year XXX1 vii) Paid $12,000 (on December 31) for one year's prepaid insurance for Year XXX2. ix) Paid $5,000 cash dividend to shareholders x) Paid $22,000 cash on Accounts Payable Prepare an income statement and cash flow statement for the year XXXi and a balance sheet as of December 31, Year XXXI