Rooney Company began operations on January 1, Year 1, by issuing common stock for $34,000 cash. During Year 1 , Rooney received $50,100 cash from revenue and incurred costs that required $38,100 of cash payments. Problem 10-26A (Algo) Part c Prepare a GAAP-based income statement and balance sheet for Rooney Company for Year 1, under the following independent scenario: c. Rooney is a manufacturing company. The $38,100 was paid to purchase the following items: (1) Paid $3,100 cash to purchase materials that were used to make products during the year. (2) Paid $3,770 cash for wages of factory workers who made products during the year. (3) Paid $11,230 cash for salaries of sales and administrative employees. (4) Paid $20,000 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a four-year life and a $2,400 salvage value. The company uses straight-line depreciation. (5) During Year 1, Rooney started and completed 2,300 units of product. The revenue was earned when Rooney sold 2,000 units of product to its customers. Complete this question by entering your answer in the tabs below. Prepare an Income Statement. (Round your intermediate calculations to 2 decimal places.) Prepare an Income Statement. (Round your intermediate calculations to 2 decimal places.) Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sign.)