! Required information [The following information applies to the questions displayed below.] Baird Company began operations on January 1, year 1, by issuing common stock for $39,000 cash. During year 1, Baird received $67,200 cash from revenue and incurred costs that required $49,200 of cash payments. Required Prepare a GAAP-based income statement and balance sheet for Baird Company for year 1, for the below scenario: a. Baird is a promoter of rock concerts. The $49,200 was paid to provide a rock concert that produced the revenue. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an Income Statement. BAIRD COMPANY Income Statement for Year 1 $ 0 < Income Statement Balance Sheet >