A sole proprietorship was started on January 1, Year 1, when it received $30,000 cash from Maria Lopez, the owner. During Year 1, the company earned $50,000 in cash revenues and paid $22,300 in cash expenses. Lopez withdrew $10,000 cash from the business during Year 1.

Required
Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Lopez’s Year 1 fiscal year.