Snow, Sun and Fun Pty Lto. is a business operating in Neverland. During the winter they sell snow removal equipment - shovels, ice melt etc. In the summer they sell pool maintenance equipment as woll as gear for kayaks and canoes. They began their operations on 1"1t July, 2021, and the following are transactions in the financial year. Please prepare a set of financial statements for the first year of operations ended at 30th June 2022. 1) Shareholders contributed $200,000 in exchange for their share capital (or Owners' equity). 2) SSF signed a lease for its warehouse and offices, paying $48,000 in advance for occupancy of twelve months. 3) SSF acquired a forkift and storage fixtures. They paid $20,000 in cash and agreed to pay another $28,000 in three years (ignore interest). No further payments were made in this financial year. The equipment is expected to last 4 years ( 48 months). 4) SSF paid $210,000 to purchase shovels and snow removal items for resale. All items were purchased on account. 5) Sales of $460,000 were made on account. The merchandise had originally cost $180,000. 6) Collections of $350,000 were made from customers. Payments of $140,000 were made to suppliers. 7) Employees earned $55,000 in wages for the month of July. The company uses electronic deposits, so amounts for paychecks are transferred into the employee's accounts on the last day of the month when wages were earned. 8) Paid a dividend of $15,000 to the shareholders 9) SSF is tax exempt for its first year of operation Required: a) Prepare a statement of profit \& loss or income statement ( 16 marks) b) Prepare a statement of financial position or balance sheet ( 18 marks)