The following set of four basic financial statements is prepared at the end of each accounting period to communicate information about the company$$s operations during that period to its users. There is a natural progression from one statement to the next. This problem is designed to help you understand the purpose of each statement and how the statements interact.

Use the selection lists to demonstrate your knowledge of the relationships between the statements. In the headings, you will need to select the appropriate statement name and time period. $($Hint: Ask yourself if the statement covers a period of time or if it is a snapshot at a given point in time. Then complete the blanks following the headings.$)$

Statement $1$: