Introduction Assignment 5 is based on Module 5 and should be completed at the end of Module 5. To solidify your understanding of the content of the module covered, be sure to complete the self-test questions set out in the module's activity checklist before you start the assignment. Instructions Read the following information, and then answer the questions that follow. If you have difculty completing this assignment, go back and closely review the assigned material again. Question 1 (30 marks) Nathan New started a business, Nothing New, a proprietorship, in 2016. Nothing New used the periodic inventory system. Nothing New's accounts included the following at July 31, 2018: Nathan New, Capital Nathan New, Withdrawals Purchases $ 241,800 50,000 Accounts Payable Accounts Receivable Accumulated Amortization, Furniture 80,000 Bank Loan, Long Term 130,000 Cash 20,000 Furniture 320,000 200,000 Interest Expense 8,000 Interest Payable 1,000 Supplies Interest Revenue 200 Unearned Sales Revenue Inventory, July 31, 2018 140,000 110,000 1,200,000 15,000 30,000 40,000 2,000,000 400,000 20,000 10,000 _ Salary Payable Sales Discounts Sales Returns &A]lowances General Expenses Sales Revenue Selling Expenses _ _ _ _ _ _ Required: A. Prepare a single-step income statement for Nothing New at July 31, 2018 year end. Inventory was valued at $ 200,000 at July 31, 2018 based on a physical count. B. Prepare the statement of owner's equity for Nothing New at July 31, 2018. C. Prepare a classified balance sheet for Nothing New at July 31, 2018