Lang Company began operations on January 1, 2014, by issuing common stock for $64,000 cash. During 2014, Lang received $95,000 cash from revenue and incurred costs that required $75,000 of cash payments.

Prepare an income statement and a balance sheet for Lang Company for 2014, under each of the following independent scenarios.

LANGE COMPANY Common stock issued for cash Cash revenue Costs requiring cash payments Scenario a. Costs to provide rock concert that produced revenue Scenario b. Cost to purchase automobile Useful life (years) Salvage value Depreciation Method Scenario c. Cash to purchase materials Cash to pay factory workers Cash to pay sales and administrative salaries Cash to purchase manufacturing equipment Useful life (years) Salvage value Units started and completed Revenue was earned when units sold of units) 64,000 95,000 75,000 60,000 75,000 Straight Line 12.000 22,000 5.000 36.000 6,000 2,000 1.500