Lang Company began operations on January 1, 2014, by issuing common stock for $34,000 cash. During 2014, Lang received $19,400 cash from revenue and incurred costs that required $38,400 of cash payments.

Lang is a manufacturing company. The $38,400 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 $3,950 cash for wages of factory workers who made products during the year. (3) Paid $14,450 cash for salaries of sales and administrative employees. (4) Paid $16,400 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,300 salvage value. The company uses straightline depreciation. (5) During 2014, Lang started and completed 2,500 units of product. The revenue was earned when Lang sold 2,000 units of product to its customers.

c-1. Prepare the income statement for Lang Company for 2014.

c-2. Prepare the balance sheet for Lang Company for 2014. (Amounts to be deducted should be indicated with a minus sign.)

c-3. Prepare the statement of cash flows for Lang Company for 2014. (Do not round intermediate calculations. Amounts to be deducted should be indicated with a minus sign.)