Required information Problem 1-24A (Algo) Service versus manufacturing companies LO 1-4 [The following information applies to the questions displayed below] Rooney Company began operations on January 1 , year 1 , by issuing common stock for $34,000 cash, During year 1 . Rooney received $60,200 cash from revenue and incurred costs that required $49,200 of cash payments. Problem 1-24A (Algo) Part c 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 $49,200 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 $1,880 cash for wages of factory workers who made products during the year. (3) Paid \$23,520 cash for salaries of sales and administrative employees. (4) Paid $20,000 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a four-year life and a $2,400 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and completed 2,100 units of product. The revenue was earned when Lang sold 1,750 units of product to its customers. Complete this question by entering your answer in the tabs below. Prepare an Income Statement