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Required: 1) Create a balance sheet of Owly Co. as of March 31, 2021, 3) Create an income statement of Owly CO. for the first quarter of 2021 (from January 1, 2021 to March 31, 2021) The Income statement must include the following line item: . Revenue Cost of Goods Sold Gross Profit . Operating Expenses (non-manufacturing expenses, excluding interest expenses) Interest Expenses Taxable Income Tax Expenses . Net Income Hint: a. You need to keep track of cash collections and disbursements to figure out the ending cash balance as of March 31, 2021. b. you need to identify cost flow among inventory items (direct materials, work-in-process, finished goods) to determine the cost of goods sold. c. depreciation is a manufacturing cost without a cash outflow. d. Unpaid material purchases become accounts payable for this company.The inventory balances are as the following: Account As of December 31, 2020 As of March 31, 2021 Direct Materials $ 20,122 $ 40,000 Work in Process 1,500 3,300 Finished Goods $ 1,200 $ 1,400 During the first quarter of 2021, Owly Co. paid out all outstanding commissions owed to sales employees from the previous quarter and the amount owed to its material suppliers. There are no commission expenses in the first quarter of 2021. The applicable tax rate is 35%. The firm classifies unpaid taxes payable as a long-term debt as it plans to clear the tax bill in the second quarter of the year 2022. During the first quarter, 90% of material purchases are paid in cash. Owly Co. did not repay or borrow additional funds but only paid interests.Owly co. is a manufacturing firm. Below is the balance sheet of Owly Co. as of December 31, 2020. Balance Sheet of Owly Co. As of December 31, 2020 Assets Cash 15,000 Accounts Receivable (for direct materials) 3,050 Raw Material Inventory (direct materials) 20,122 work-in-process Inventory 1,500 Finished Goods Inventory 1,200 Property, Plant, and Equipment 30,000 Accumulated Depreciation (2,330) Land 3,000 Liabilities Accounts Payable 23,500 Commissions Payable 1,900 Short-term Debt 5,300 Long-term Debt 1,300 Shareholders' Equity Capital Stock 15,900 Retained Earnings S 23,642 Owly Co. also had the following account balances accumulated for the first quarter of 2021: Account Balance Material Purchases S 99,000 Sales Salaries 30,000 Factory Supervisor Salaries 40,000 Direct Labour 65,000 Indirect Labour 31,500 Advertising 41,000 Depreciation (for manufacturing equipment) 15,000 Revenue 384,000 Other Non-Manufacturing Expenses (Variable) 1,259 Other Non-Manufacturing Expenses (Fixed) 2,579 Interest Expense 24,000 Dividend Payments in Cash S 3,000