Prepare a GAAP-based income statement and balance sheet for Rooney Company for year 1, for the below scenario: c. Rooney is a manufacturing company. The $37,800 was paid to purchase the following items: (1) Paid $3,800 cash to purchase materials that were used to make products during the year. (2) Paid $2,970 cash for wages of factory workers who made products during the year. (3) Paid $15,130 cash for salaries of sales and administrative employees. (4) Paid $15,900 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,400 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and completed 2,300 units of product. The revenue was earned when Lang sold 1,950 units of product to its customers. Complete this question by entering your answer in the tabs below. Income Balance Sheet Statement Prepare an Income Statement. ROONEY COMPANY Income Statement for Year 1 Income Statement Balance Sheet > Prepare a GAAP-based Income statement and balance sheet for Rooney Company for year 1, for the below scenario: c. Rooney is a manufacturing company. The $37,800 was paid to purchase the following Items: (1) Paid $3,800 cash to purchase materials that were used to make products during the year. (2) Paid $2,970 cash for wages of factory workers who made products during the year. (3) Paid $15,130 cash for salaries of sales and administrative employees. (4) Paid $15,900 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,400 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and completed 2,300 units of product. The revenue was earned when Lang sold 1,950 units of product to its customers. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sign.) Assets ROONEY COMPANY Balance Sheet as of 12/31/Year 1 Total assets Equity Total equity Income Statement Balance Sheet