Problem: Module 3 Textbook Problem 9 Learning Objective: 3-9 Identify the primary characteristics of sole proprietorships, partnerships, and corporations A sole proprietorship was started on January 1, Year 1, when it received $61,000 cash from Marlin Jones, the owner. During Year 1, the company earned $45,100 in cash revenues and paid $23,360 in cash expenses. Jones withdrew $6,800 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. Income Statement Capital Statement Balance Sheet Stmt of Cash Flows Prepare the income statement. MARLIN JONES SOLE PROPRIETORSHIP Income Statement For the Year Ended December 31, Year 1 Complete this question by entering your answers in the tabs below. Income Statement Capital Statement Balance Sheet Stmt of Cash Flows Prepare a capital statement. MARLIN JONES SOLE PROPRIETORSHIP Capital Statement For the Year Ended December 31, Year 1 Beginning capital balance Ending capital balance $ Income Statement Capital Statement Balance Sheet Stmt of Cash Flows Prepare a balance sheet. MARLIN JONES SOLE FROPRIETORSHIP Balance Sheet As of December 31, Year 1 Assets Total assets $ 0 Liabilities Equity Total liabilities and equity $ 0 MARLIN JONES SOLE PROPRIETORSHIP Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: $ 0 Net cash flow from operating activities Cash flows from investing activities: + Net cash flow from investing activities Cash flows from financing activities: $ 0 Net cash flow from financing activities Net change in cash 0 0 Ending cash balance $ 0