(Situation) The Community Farmers Market is an idea developed by the local farming association and nearby First Nations community. They have joined forces to open up a Farmer's Market that would be located in a retail location on the First Nation community. The business is planning to sell locally produced food items and hand made clothing and jewellery. The Community Farmer's Market would operate on the Saturday and Sunday of every weekend except on holidays. The business will aim to provide employment opportunities to the unemployed looking for job experience and a source of revenue for the various vendors that will stock the booths at the market. You have been hired as the "Administration Officer" and you are responsible in preparing the financial information for the upcoming board of directors meeting. The board of directors meet monthly and review the financial results to help set the operating framework for this Farmer's Market. The opening balance sheet for this greenhouse on January 1, 2022, included the following: Cash $40,000, Inventory $20,000, Equipment $50,000 cost, Accounts Payable $10,000, Long Term Bank Loan $40,000 and Equity of $60,000. For the 2022 year, the following income and expenses are projected: sales revenue of $500,000, cost of goods sold of $250,000, depreciation of $12,500, wages of $140,000, utilities of $10,000, rent of $15,000, interest of $5,000 and advertising expenses of $20,000. The Income Statement period is from January 1st to December 31st. The debt repayment for the long term loan of $50,000 will be $1,000 monthly principal plus 10% yearly interest. As the Administration Officer, you need to prepare the answers or information to the following "Information Required" for the upcoming Board of Directors meeting. Information Required 1) Prepare the opening balance sheet and projected Income Statement from the information provided for the 2022 year.