Your friend Loki, the manager of Thor Fitness Limited has come to you for assistance. Thor Fitness has just finished it's first month of operations & requires financial statements to be prepared. Loki has come to you because he knows you are taking an accounting class & his bookkeeper is currently on vacation. Loki has provided you with the trial balance at July 31, 2021: Debits Credits Cash Accounts receivable Prepaid rent Fitness supplies Gym equipment Furniture & fixtures Accounts payable Salary payable Note payable Common shares Dividends 15,770 1,800 1,000 800 32,000 8,000 2,600 1,680 35,000 10,000 500 18,600 950 Revenue Advertising expense Salary expense Rent expense Telephone & utilities expense Interest expense Insurance expense Supplies expense 4,960 1,000 600 50 150 300 67,880 67,880 Additional information: the note payable is a loan to pay for the equipment that will be repaid in 5 years. Required: A. Prepare an Income Statement for the year ended July 31, 2021 for Thor Fitness Limited B. Prepare the Statement of Changes in Equity for the year ended July 31, 2021. C. Prepare the Balance Sheet as of July 31, 2021 for Thor Fitness Limited D. Based on the financial statements prepared in parts A-C was the company profitable in it's first month of operations