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Required information /The following information applies to the questions displayed below.) Solomon Company began operations on January 1, year 1. by issuing common stock for $38.000 cash. Durina vear 1 Solomon received $55,400 cash from revenue and incurred costs that required $38,400 of cash payments. Prepare a GAAP-based income statement and balance sheet for Solomon Company for year 1, for the below scenario: C. Solomon is a manufacturing company. The $38,400 was paid to purchase the following items: (1) Paid $3.300 cash to purchase materials that were used to make products during the year (2) Paid $4,160 cash for wages of factory workers who made products during the year. (3) Paid $15,640 cash for salaries of sales and administrative employees. (4) Paid $15,300 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-yean and a $2,400 salvage value. The company uses straight-line depreciation. (5) During year 1, Long started and completed 2,400 units of product. The revenue was earned when Lang sold 2,100 units of produ to its customers. Complete this question by entering your answer in the Income Statement Balance Sheet % Answer is not complete. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an Income Statement. 55,400 SOLOMON COMPANY Income Statement for Year 1 Sales revenue $ Operating expenses $ Cost of goods sold 55,400 $ 55,400 Ronnebent Required information Income Statement Balance Sheet Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sian. SOLOMON COMPANY Balance Sheet as of 12/31/Year 1 Assets Total assets Equity Total equity