4 Required information Problem 1-24A (Algo) Service versus manufacturing companies LO 1-4 [The following information applies to the questions displayed below.) Part 1 of 3 Vernon Company began operations on January 1, year 1, by issuing common stock for $38,000 cash. During year 1, Vernon received $53,900 cash from revenue and incurred costs that required $36,900 of cash payments. 8 points Problem 1-24A (Algo) Part a Required Prepare a GAAP-based income statement and balance sheet for Vernon Company for year 1, for the below scenario: a. Vernon is a promoter of rock concerts. The $36,900 was paid to provide a rock concert that produced the revenue. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an Income Statement. VERNON COMPANY Income Statement for Year 1 Sales revenue Administrative expenses Net income $ 0 Check my work