Check Required information The following information applies to the questions displayed below) Campbell Company began operations on January 1, year 1 by issuing common stock for $36,000 cash. During year 1, Campbell received $50,800 cash from revenue and incurred costs that required $37800 of cash payments Prepare a GAAP-based income statement and balance sheet for Campbell Company for year 1. for the below scenario c. Campbell is a manufacturing company. The $37,800 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 51.700 cash for wages of factory workers who made products during the year. (3) Paid $12.500 cash for salaries of sales and administrative employees (4) Paid $20,100 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a four year life and a $2,500 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 2,100 units of product to its customers Complete this question by entering your answer in the tabs below. 0 Required information Income Statement 2 of 2 Balance Sheet Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sign.) CAMPBELL COMPANY Balance Sheet as of 12/31/Year 1 Assets Book Cash Manufacturing equipment Print 49,000 16,600 rences Finished goods inventory Total assets 65,600 Equity Common stock Retained earnings Total equity 0 browser=U&launchurl=https%253A Assignment Saved Required information Income Statement Balance Sheet Prepare an Income Statement. CAMPBELL COMPANY Income Statement for Year 1 Sales revenue $ Cost of goods sold Gross margin $ 50.800 (17.000) 33.800 Adr strative expenses (Net income 12,500 21,300 $ Balance Sheet