Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate come Required information [The following information applies to the questions displayed below.] Walton Company began operations on January 1, year 1, by issuing common stock for $36,000 cash. During year 1, Walton received $52,100 cash from revenue and incurred costs that required $38,100 of cash payments. Prepare a GAAP based income statement and balance sheet for Walton Company for year 1, for the below scenario: c. Walton is a manufacturing company. The $38,100 was paid to purchase the following items: (1) Paid $3,500 cash to purchase materials that were used to make products during the year. (2) Paid $3,580 cash for wages of factory workers who made products during the year. (3) Paid $12,020 cash for salaries of sales and administrative employees. (4) Paid $19.000 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a four-year life and a $2,200 salvage value. The company uses straight-line depreciation (5) During year 1, Lang started and completed 2,400 units of product. The revenue was earned when Lang sold 2,050 units of product to its customers. Answer is not complete. Complete this question by entering your answer in the tabs below. os Next > of 31