Finch Company began operations on January 1, year 1, by issuing common stock for $37,000 cash. During year 1, Finch received $53,200 cash from revenue and incurred costs that required $37,200 of cash payments. Problem 1-24A (Algo) Part c Prepare a GAAP-based income statement and balance sheet for Finch Company for year 1, for the below scenario: c. Finch is a manufacturing company. The $37,200 was paid to purchase the following items: (1) Paid $3,100 cash to purchase materials that were used to make products during the year. (2) Paid $1,990 cash for wages of factory workers who made products during the year. (3) Paid $10,410 cash for salaries of sales and administrative employees. (4) Paid $21,700 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 2,300 units of product. The revenue was earned when Lang sold 1,950 units of product to its customers. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an Income Statement.