Perez Company began operations on January 1, year 1, by issuing common stock for $35,000 cash. During year 1, Perez received $67,800 cash from revenue and incurred costs that required $50,800 of cash payments. Prepare a GAAP-based income statement and balance sheet for Perez Company for year 1, for the below scenario: Perez is a manufacturing company. The $50,800 was paid to purchase the following items: (1) Paid $3,500 cash to purchase materials that were used to make products during the year. (2) Paid $2,480 cash for wages of factory workers who made products during the year. (3) Paid $30,220 cash for salaries of sales and administrative employees. (4) Paid $14,600 cash to purchase manufacturing equipment. The equipment