Fanning Company began operations on January 1, year 1, by issuing common stock for $32,000 cash. During year 1 . Fanning received $67,800 cash from revenue and incurred costs that required $50,800 of cash payments. Problem 1-24A (Algo) Part c Prepare a GAAP-based income statement and balance sheet for Fanning Company for year 1, for the below scenario: c. Fanning is a manufacturing company. The $50,800 was paid to purchase the following items: (1) Paid $3,600 cash to purchase materials that were used to make products during the year. (2) Paid $1,880 cash for wages of factory workers who made products during the year. (3) Paid $30,720 cash for salaries of sales and administrative employees. (4) Paid $14,600 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,000 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 1,750 units of product to its customers. Complete this question by entering your answer in the tabs below. Prepare an Income Statement