Required Information (The following information applies to the questions displayed below.) Thornton Company began operations on January 1, year 1, by Issuing common stock for $31,000 cash. During year 1, Thornton received $49,600 cash from revenue and incurred costs that required $36,600 of cash payments. Required Prepare . GAAP-based Income statement and balance sheet for Thornton Company for year 1, for the below scenario: a. Thornton is a promoter of rock concerts. The $36,600 was peld 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. THORNTON COMPANY Income Statement for Year 1 $ 0 (The following information applies to the questions displayed below.) Thornton Company began operations on January 1, year 1, by Issuing common stock for $31,000 cash. During year 1, Thornton received $49,600 cash from revenue and incurred costs that required $36,600 of cash payments. Prepare a GAAP-based Income statement and balance sheet for Thornton Company for year 1, under each of the following independent scenarios: b. Thornton is in the car rental business. The $36,600 was paid to purchase automobiles. The automobiles were purchased on January 1, year 1, and have three-year useful lives, with no expected salvage value. Thornton 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. THORNTON COMPANY Income Statement for Year 1 $ 0 Prepare a GAAP-based Income statement and balance sheet for Thornton Company for year 1, for the below scenario: c. Thornton is a manufacturing company. The $36,600 was paid to purchase the following items: (1) Paid $3,100 cash to purchase materials that were used to make products during the year. (2) Pald $3,110 cash for wages of factory workers who made products during the year. (3) Paid $14,190 cash for salaries of sales and administrative employees. (4) Paid $16,200 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,400 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and completed 2,300 units of product. The revenue was earned when Lang sold 1,850 units of product to its customers. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an Income Statement. THORNTON COMPANY Income Statement for Year 1 s 0