You are the founder of MEGA$-$Unicorn Inc and just completed the first year of operation ended June $30,2021($Company$$s fiscal year is from July $1,2020$ to June $30,2021).$ As an early$-$stage start$-$up$,$ you don$$t have the luxury to hire a full$-$time accountant, as a result, you decided to put the valuable accounting skills that you learned from the MMEGA program at test. Following are a list of transactions that have occurred in the first year of operation for MEGA$-$Unicorn. The company$$s policy is to recognize revenues when sales occur and the product has been successfully delivered to the customer. All amounts in CAD.

$1.$On July $1,2020,$ you contributed $$1,000,000$ in exchange for $10,000$ shares of common stock. The full amount is deposited in cash.

$2.$On July $1,2020,$ MEGA$-$Unicorn rented an office building for $$10,000$ a month. The landlord requires the rent to be paid up front for each month and also requires a last month deposit. Therefore, a total of $$130,000$ were paid in Cash as of June $30,2021.$

$3.$On July $1,2020,$ MEGA$-$Unicorn bought inventories on account from ABC for $$400,000$ for a total of $1,000$ units.

$4.$On July $1,2020,$ MEGA$-$Unicorn purchased computers $($office equipment$)$ for $$12,000,$ fully paid in cash. Straight$-$line depreciation method is applied and the computers have a useful life of $3$ years.

$5.$On July $31,2020,$ MEGA$-$Unicorn spent $$20,000$ in advertising, which has been paid in cash.

$6.$On August $1,2020,$ MEGA$-$Unicorn sold $250$ units of its inventories to Customer A for a total of

$$250,000($fully delivered, revenue can be recognized$).$ Customer A paid $$200,000$ via cheque which is deposited in the cash account and the remaining to be paid within $30$ days.

$7.$On August $1,2020,$ MEGA$-$Unicorn paid ABC $$400,000$ in cash.

$8.$On October $31,2020,$ MEGA$-$Unicorn did not receive the remaining payment from Customer A after $90$ days and had to write off the receivable amount.

$9.$On June $1,2021,$ MEGA$-$Unicorn sold another $500$ units of its inventories to Customer B for a total of $$500,000,$ which $80\%$ was received in cash and $20\%$ on account to be paid in August $2021.$ Only $300$ units were delivered to Customer B by end of June $30,2021($i$.$e$.,$ only revenue associated with the $300$ units can be recognized, remaining $200$ units cannot be recognized as revenue until they are delivered$).$

$10.$On June $30,2021,$ MEGA$-$Unicorn purchased XYZ Solution Inc for $$300,000$ in cash settlement.

XYZ$$s net asset value was $$200,000.$

$11.$On June $30,2021,$ MEGA$-$Unicorn paid your annual salary of $$50,000$ in cash.

$12.$On June $30,2021,$ MEGA$-$Unicorn declared and paid out a dividend of $$0\mathrm{.}1$ per share in cash.

$13.$On June $30,2021,$ MEGA$-$Unicorn owes the government income taxes. As a CCPC $($Canadian$-$ controlled private corporations$)$ located in Ontario, MEGA$-$Unicorn$$s tax rate is $3\mathrm{.}5\%$ on total income before taxes $($operating income$+$gain$/$losses$+$other income$).$ The income tax owed is to be paid in the future.

Requirements

Please create the following financial statements for MEGA$-$Unicorn for the July $1,2020$ June $30,2021$ year in Excel.

$1.$Income Statement

$2.$Balance Sheet

$3.$Direct Cash Flow Statement

$4.$Indirect Cash Flow Statement