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

Finch is in the car rental business. The $51,600 was paid to purchase automobiles. The automobiles were purchased on January 1, year 1, and have four-year useful lives, with no expected salvage value. Finch uses straight-line depreciation. The revenue was generated by leasing the automobiles.