! Required information [The following information applies to the questions displayed below] Jordan Company began operations on January 1, Year 1, by issuing common stock for $39,000 cash. During Year 1, Jordan received $68,000 cash from revenue and incurred costs that required $50,000 of cash payments. Prepare a GAAP-based income statement and balance sheet for Jordan Company for Year 1, under the following independent scenario: c. Jordan is a manufacturing company, The $50,000 was paid to purchase the following items: (1) Poid $3,600 cash to purchase materials that were used to make products during the year. (2) Paid S1,820 cash for wages of factory workers who made product ing the year 3) Paid S27.580 cash for salaries of sales and administrative employees 14) Paid $17.000 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,300 salvage value. The company uses straight-line depreciation (5) During Year 1. Jordon started and completed 2,400 units of product. The revenue was earned when Jordon sold 2,100 units of product to its customers Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Required information Income Statement Balance Sheet Prepare an Income Statement. (Round your intermediate calculations to 2 decimal places.) JORDAN COMPANY Income Statement for Year 1 Sales revenue Cost of goods sold Gross margin $ 68,000 50,000 18,000 $ 18,000 Income Statement Balance Sheet> Required information Income Statement Balance Sheet Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sign.) JORDAN COMPANY Balance Sheet as of 12/31/41 Assets Total assets $ Equity $ 0 Total equity