Required information (The following information opplies to the questions displayed below.] Wang Company began operations on January 1, Yeat 1, by issuing common stock for $70,000 cash, During Year 1, Wang recelved $88,000 cash from revenue and incurred costs that required $65,000 of cash payments. Required Prepare a GAAP-based income statement and balance sheet for Wang Company for Year 1, under the following independent scenario: a. Wang is a promoter of rock concerts. The $65,000 was paid to provide a rock concert that produced the revenue