Rooney Company began operations on January 1, year 1, by issuing common stock for $38,000 cash. During year 1, Rooney received $49,800 cash from revenue and incurred costs that required $37,800 of cash payments. Problem 1-24A (Algo) Part b Prepare a GAAP-based income statement and balance sheet for Rooney Company for year 1, under each of the following independent Scenarios: b. Rooney is in the car rental business. The $37,800 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. Rooney 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. ROONEY COMPANY Income Statement for Year 1 Problem 1-24A (Algo) Part b Prepare a GAAP-based income statement and balance sheet for Rooney Company for year 1, under each of the following independent scenarios: b. Rooney is in the car rental business. The $37,800 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. Rooney 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 a balance sheet. (Amounts to be deducted should be indicated with a minus sign.) ROONEY COMPANY Balance Sheet as of 12/31/Year 1 Assets Total assets Equity