Lang Company began operations on January 1, 2014, by issuing common stock for $34,000 cash. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash payments.

c.

Lang is a manufacturing company. The $48,400 was paid to purchase the following items:

(1)	Paid $3,000 cash to purchase materials that were used to make products during the year.
(2)	Paid $2,350 cash for wages of factory workers who made products during the year.
(3)	Paid $28,650 cash for salaries of sales and administrative employees.
(4)	Paid $14,400 cash to purchase manufacturing equipment. The equipment was purchased January 1, 2014, was used solely to make products. It had a three-year life and a $2,100 salvage value. The company uses straightline depreciation.
(5)	During 2014, Lang started and completed 2,100 units of product. The revenue was earned when Lang sold 1,650 units of product to its customers.
	(Do not round intermediate calculations. Any losses and amounts to be deducted should be indicated with a minus sign.)

LANG COMPANY
Income Statement for 2014
Net income (Loss)

Help me fill in the blanks here:

LANG COMPANY
Balance Sheet as of 12/31/2014
Assets
Cash	$24,000
Manufacturing equipment
Finished goods inventory	2,025
Total assets	$26,025
Equity
Common stock	$34,000
Retained earnings
Total equity	$34,000