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Rooney Company began operations on January $1,$ Year $1,$ by issuing common stock for $$39,000$ cash. During Year $1,$ Rooney received $$47,600$ cash from revenue and incurred costs that required $$36,600$ of cash payments.

Prepare a GAAP$-$based income statement and balance sheet for Rooney Company for Year $1$ under the following scenario:

Rooney is a manufacturing company. The $$36,600$ was paid to purchase the following items:

$(1)$ Paid $$3,600$ cash to purchase materials that were used to make products during the year.

$(2)$ Paid $$1,820$ cash for wages of factory workers who made products during the year.

$(3)$ Paid $$10,280$ cash for salaries of sales and administrative employees.

$(4)$ Paid $$20,900$ cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a four$-$year life and a $$2,100$ salvage value. The company uses straight$-$line depreciation.

$(5)$ During Year $1,$ Rooney started and completed $2,300$ units of product. The revenue was earned when Rooney sold $1,950$ units of product to its customers.