Munoz Company began operations on January $1,$ year $1,$ by issuing common stock for $$37,000$ cash. During year $1,$ Munoz received $$63,600$ cash from revenue and incurred costs that required $$49,600$ of cash payments.

Required

Prepare a GAAP$-$based income statement and balance sheet for Munoz Company for year $1$ under the following scenario:

a$.$ Munoz is a promoter of rock concerts. The $$49,600$ was paid to provide a rock concert that produced the revenue.

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Income Statement

Balance Sheet

Prepare a Balance Sheet.

$\backslash$table$[[$MUNOZ COMPANY$],[$Balance Sheet as of $\frac{12}{31}\frac{?}{?}$ Year $1],[$Assets$],[$Cash$,$$$,51,000],[$Accumulated depreciation,,$],[$Total assets,$$,51,000],[$Stockholders$\text{'}$ equity$],[?,,],[,,],[,,],[$Total stockholders' equity,$$,0]]$

Balance shoted

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