! 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. Prepare a GAAP-based income statement and balance sheet for Baird Company for year 1, under each of the following independent scenarios: b. Baird is in the car rental business. The $49,200 was paid to purchase automobiles. The automobiles were purchased on January 1, year 1, and have four-year useful lives, with no expected salvage value. Baird uses straight-line depreciation. The revenue was generated by leasing the automobiles. 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 $ Income Statement Balance Sheet >