Required information Problem 1-24A (Algo) Service versus manufacturing companies LO 1-4 [The following information applies to the questions displayed below.] Jordan Company began operations on January 1, year 1, by issuing common stock for $38,000 cash, During year 1, Jordan recelved $63,000 cash from revenue and incurred costs that required $50,000 of cash payments. Problem 1-24A (Algo) Part a Required Prepare a GAAP-based income statement and balance sheet for Jordan Company for year 1, for the below scenario: a. Jordan is a promoter of rock concerts. The $50,000 was paid to provide a rock concert that produced the revenue