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 $39,000 cash. During year 1 Walton received $70,000 cash from revenue and incurred costs that required $50,000 of cash payments. Prepare a GAAP-based income statement and balance sheet for Walton Company for year 1, for the below scenario: c. Walton is a manufacturing company. The $50,000 was paid to purchase the following items: (1) Paid $3,800 cash to purchase materials that were used to make products during the year. (2) Paid $300 cash for wages of factory workers who made products during the year. (3) Paid $30,900 cash for salaries of sales and administrative employees. (4) Paid $15,000 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,100 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and completed 2,100 units of product. The revenue was earned when Lang sold 1,700 units of product to its customers. Required information Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an Income Statement. WALTON COMPANY Income Statement for Year 1 $ 0 $ 0 Information Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sign.) WALTON COMPANY Balance Sheet as of 12/31/Year 1 Assets $ 0 Total assets