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Problem: Module 3 Textbook Problem 9 Learning Objective: 39 Identify the primary characteristics of sole proprietorships, partnerships, and corporations A sole proprietorship was started on January 1, Year 1, when it received $47,500 cash from Marlin Jones, the owner. During Year 1, the company earned $50,300 in cash revenues and paid $22,390 in cash expenses. Jones withdrew $4,300 cash from the business during Year 1 . Required Prepare the income statement, capital statement (statement of changes in equity). balance sheet, and statement of cash flows for Jones's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Required Prepare the income statement, capital statement (statement of changes in equity). balance sheet, and statement of cash flows for Jones's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Prepare the income statement. Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.) Complete this question by entering your answers in the tabs below Prepare a capital statement. Complete this question by entering your answers in the tabs below. Prepare a balance sheet