M.Bramstedt commenced business on 31 October 2013 as a hairdresser operating as iCutHair. Transactions for the month of October were: October 1 Started business by contributing capital of $60 000 (inheritance from grandmother). 2 Paid rent for month of October $6400. 3 Purchased hairdressing supplies for the year $10000 cash. 4 Bought fixtures and fittings for the hairdressing salon (chairs, wash basins, cash register, couch) on credit from Federation Furniture $24000. 8 Paid apprentice wages $1000 for first week s work. 15 Banked takings from first full week of operations $7000. Paid apprentice for week s work $1000. 18 Bought new light fitting for $1400 from local artist and paid cash. 22 Banked takings from second week of operations $10000. Paid apprentice wages $1000. 24 Withdrew $3000 cash from business for personal use. 27 Banked takings $6400. 31 Paid monthly electricity and gas $840. Required a. Prepare an income statement for iCutHair for the period ended 31 October 2013. b. Prepare a balance sheet for iCutHair as at 31 October 2013.