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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 $58,000 cash from Marlin Jones, the owner. During Year 1, the company earned $52,500 in cash revenues and paid $21,970 in cash expenses. Jones withdrew $6,700 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 flovis for Jones's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Prepare the income statement. Prepare the income statement. Prepare a capital statement. Prepare a balance sheet. Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: \begin{tabular}{|l|l|l|} \hline Net cash flow from operating activities & & \\ \hline Cash flows from investing activities: & & \\ \hline Net cash flow from investing activities & & \\ \hline Cash flows from financing activities: & & \\ \hline \end{tabular}