Check me Required information (The following information applies to the questions displayed below.) Adams Company began operations on January 1, year 1, by issuing common stock for $39,000 cash. During year 1. Adams received $64,600 cash from revenue and incurred costs that required $51,600 of cash payments Prepare a GAAP-based income statement and balance sheet for Adams Company for year 1, for the below scenario: c. Adams is a manufacturing company. The $51,600 was paid to purchase the following items: (1) Paid $3,900 cash to purchase materials that were used to make products during the year, (2) Paid $700 cash for wages of factory workers who made products during the year. (3) Paid $28,100 cash for salaries of sales and administrative employees. (4) Paid $18.900 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a four-year life and a $2,100 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and completed 2,200 units of product. The revenue was earned when Lang sold 1750 units of product to its customers Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet erhal browser=0&launchurl Assignment i Saved DOUSVAU VILL. HE LOHURIV EN STUDIE Required information Complete this question by entering your answer in the tabs bel Income Statement Balance Sheet Prepare an Income Statement. ADAMS COMPANY Income Statement for Year 1 $ 0 $ $ 0