After several months of planning, Denise Murphy started a structural lab-test business for the civil engineering and construction industries called BreakToMeasure. The following events occurred during its first month:On May 1, Murphy started the firm, investing $3,000 cash and $15,000 of equipment. On May 2, BreakToMeasure paid $600 cash for furniture for the shop. On May 3, BreakToMeasure paid $500 cash to rent space in a strip mall for May. On May 4, it obtained $1,200 of equipment for the shop and received an invoice for this purchase. On May 5, BreakToMeasure opened for business. Cash received from services provided in the first week and a half of business (ended May 15) is $825.On May 15, it provided $100 of lab-test services on account (IE: it issued the customer an invoice).On May 17, it received a $100 check for services previously rendered on account. On May 17, it paid $125 cash to an assistant for working during the grand opening. Cash received from services provided during the second half of May is $930.On May 31, it paid a $400 on the invoice it received on May 4.On May 31, it paid $900 cash dividends to Murphy. Required:1. Prepare an Income Statement for the month of May.2. Prepare a direct method Cash Flow Statement for the month.3. Prepare an Owners Equity Statement for the month.