Required information Problem 10-26A (Algo) Service versus manufacturing companies LO 10-4 [The following information applies to the questions displayed below] Baird Company began operations on January 1, Year 1, by issuing common stock for $35,000 cash. During Year 1, Baird received $52,700 cash from revenue and incurred costs that required $38,700 of cash payments. Problem 10-26A (Algo) Part b Prepare a GAAP-based income statement and balance sheet for Baird Company for Year 1, under the following independent scenario: b. Baird is in the car rental business. The $38,700 was paid to purchase automobiles. The automobiles were purchased on January 1, Year 1, and have three-year useful lives, with no expected salvage value. Baird uses straight-line depreciation. The revenue was generated by leasing the automobiles. Complete this question by entering your answer in the tabs below. Income Balance Sheet Statement