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 $78,500 cash from Marlin Jones, the owner. During Year 1, the company earned $49,000 in cash revenues and paid $19,790 in cash expenses. Jones withdrew $5,600 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 Stmt of Cash Balance Sheet Flows Prepare a capital statement. MARLIN JONES SOLE PROPRIETORSHIP Capital Statement For the Year Ended December 31, Year 1 Beginning capital balance