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 $34,000 cash. During year 1, Baird received $56,100 cash from revenue and incurred costs that required $38.100 of cash payments. Prepare a GAAP-based Income statement and balance sheet for Baird Company for year 1. for the below scenario: c. Baird is a manufacturing company. The $38,100 was paid to purchase the following items: (1) Paid $3,700 cash to purchase materials that were used to make products during the year. (2) Paid $1,060 cash for wages of factory workers who made products during the year, (3) Paid $16.940 cash for salaries of sales and administrative employees. (4) Paid $16,400 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. Lang started and completed 2.200 units of product. The revenue was earned when Lang sold 1800 units of product to its customers. Complete this question by entering your answer in the tabs below. Income Staternent Balance Sheet