XYZ Ltd. had the following transactions during the month of February 2023:

1. On February 1, the company purchased inventory on credit for $20,000.
2. On February 5, the company sold inventory on credit for $30,000, with a cost of goods sold of $15,000.
3. On February 10, the company received payment of $10,000 from the sale made on February 5.
4. On February 15, the company paid $8,000 to the supplier of the inventory purchased on February 1.
5. On February 20, the company purchased equipment for $25,000 in cash.
6. On February 25, the company paid $3,000 for advertising expenses.

Prepare the following financial statements for XYZ Ltd. for the month of February 2023:

1. Income Statement
2. Statement of Changes in Equity
3. Balance Sheet

Assume that the company's beginning balance of cash and equity are $10,000 and $100,000, respectively.