Required information Problem 10-26A (Algo) Service versus manufacturing companies LO 10-4 [The following information applies to the questions displayed below] Munoz Company began operations on January 1, Year 1, by issuing common stock for $32,000 cash. During Year 1, Munoz received $59,400 cash from revenue and incurred costs that required $48,400 of cash payments. Problem 10-26A (Algo) Part c Prepare a GAAP-based income statement and balance sheet for Munoz Company for Year 1 under the Jollowing scenario: c. Munoz is a manufacturing company. The $48,400 was paid to purchase the following items: (1) Paid $3,100 cash to purchase materials that were used to make products during the year. (2) Paid $2,380 cash for wages of factory workers who made products during the year. (3) Paid \$22,420 cash for salaries of sales and administrative employees. (4) Paid $20,500 cash to purchase manufacturing equipment. The equipment was used solely to make products. it had a four-year life and a $2,100 salvage value. The company uses straight-line depreciation. (5) During Year 1, Munoz started and completed 2,400 units of product. The revenue was earned when Munoz sold 1,900 units of product to its customers. Answer is not complete. Complete this question by entering your answer in the tabs below. Prepare a balance sheet. Note: Amounts to be deducted should be indicated with a minus sign. Do not round your intermediate caiculations