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Required information [The following information applies to the questions displayed below.] Walton Company began operations on January 1, year 1, by issuing common stock for
Required information
[The following information applies to the questions displayed below.]
Walton Company began operations on January 1, year 1, by issuing common stock for $36,000 cash. During year 1, Walton received $52,100 cash from revenue and incurred costs that required $38,100 of cash payments.
Required
Prepare a GAAP-based income statement and balance sheet for Walton Company for year 1, for the below scenario:
a)Walton is a promoter of rock concerts. The $38,100 was paid to provide a rock concert that produced the revenue.
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