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 b Prepare a GAAP-based income statement and balance sheet for Rooney Company for Year 1, under the following independent scenario: D. Rooney is in the car rental business. The $38,100 was paid to purchase automobiles. The automobiles were purchased on Januar 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. Prepare an Income Statement. Prepare a GAAP-based income statement and balance sheet for Rooney Company for Year 1 , under the following independent scenario: b. Rooney is in the car rental business. The $38,100 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. Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sign.)