Required information [The following information applies to the questions displayed below.) Stuart Company began operations on January 1. year 1, by issuing common stock for $35,000 cash. During year 1, Stuart received $52,900 cash from revenue and incurred costs that required $36,900 of cash payments. Required Prepare a GAAP-based income statement and balance sheet for Stuart Company for year 1, for the below scenario: a. Stuart is a promoter of rock concerts. The $36,900 was paid to provide a rock concert that produced the revenue. Complete this question by entering your answer in the tabs below. Indome Statement Balance Sheet Income Statement Prepare an Income Statement. STUART COMPANY Income Statement for Year 1 Sales revenue S Operating expenses 52,900 36,900 Net income $ 16.000 received 552,900 cash from revenue and incurred costs that required $36,900 of cash payments. Start Required Prepare a GAAP-based income statement and balance sheet for Stuart Company for year 1, for the below scenario: a. Stuart is a promoter of rock concerts. The $36,900 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 a Balance Sheet. STUART COMPANY Balance Sheet as of 12/31/Year 1 Assets Total assets $ Equity Common stock Retained earnings - Total equity $ 0