Ruby, who is a sole trader, owns and manages a small bakery. Ruby paid $60,000 cash for the bakery, which her only asset, and she pays cash for everything else including the purchase of food and beverage. Ruby has relatively small number of customers. She makes average sales of $55,000 per year and earns an average profit of $25,000 per year. Required: Determine if the business outlined above is a Reporting Entity, stating the criteria (factors) used and your reasons. Also provide a conclusion and include the reporting requirements for a Reporting Entity or a Non-Reporting Entity, whichever is applicable in this case. (4 marks)