Assignment #$2$ The Accounting Model $-$ Prepare Basic Financial Statements $(2\%)$This assignment relates to the following Course Learning Requirements: CLR $2$: Prepare financial statements including the balance sheet, income statement and statement of owner's equity.Objective of this Assignment: The objectives of this assignment are:$1.$Review and reinforce learning from Module $32.$Practice completion of work using MS$-$ExcelPre$-$Assignment Instructions:$1.$To prepare you for this assignment, review the content of module $3,$ including the embedded learning activities.Assignment Tasks:$1.$This assignment is worth $25$ points and is worth $2\%$ of your final grade$\mathrm{.}2.$Your assignment must be completed and submitted using MS$-$Excel$\mathrm{.}3.$Your completed assignment file should be named lastname$\_$firstname$\_$ACC$2201\_$Assignment$\_24.$Please complete each part on a separate worksheet tab$\mathrm{.}5.$You should make best use of Excel formulas and formatting, whenever possible$6.$Your assignment must be completed and submitted via the course website by the date indicated on the Course Calendar Assignment Grading Rubric $(2\%)$ Question $1$RequirementsPointsPart AIncome Statement$7$Part BStatement of Owners Equity$5$Part CBalance Sheet$13$Total Points: $25$ Assignment #$2$ Prepare Basic Financial Statements: $(25$ marks$)$The records of Cathys Slot Machines at July $31,2025$ showed the following account balances:Accounts payable$$10,000$Wages expense$$66,000$Insurance expense$1,000$Advertising expense$10,000$Accounts receivable$19,000$Cash$13,000$Cathy F$.,$ Capital, Aug $1,202460,500$Equipment$25,000$Land$12,000$Maintenance expense$6,000$Notes payable$31,000$Revenues$130,000$Building$50,000$ Unearned revenue $6,000$Interest expense $1,500$In addition, Cathy F$.$ withdrew $$34,000$ during the year for personal expenses.Required:Prepare in good form A$)$Income Statement for the Year Ended July $31,2025$B$)$Statement of Owners Equity for the Year Ended July $31,2025$C$)$Balance Sheet as at July $31,2025$Hints and tips for Assignment $2$Follow the example on page $1-33($Illustration $1\mathrm{.}27).($there is also an example in the Module Notes$)$ Formatting is very important and there are marks allocated for correct formatting. $($titles$,$ subtitles, totals$)$Show your work $($using excel formulas accomplishes this goal$).$ There are no marks for excel formatting. i$.$e$.$ bolds, underlines etc are not required if you do not know how to do that in excel.You can put your work on one worksheet or multiple worksheets it is your choice. Please do not put information in the header or footerAlways work down the excel worksheet.