Stuart Company began operations on January 1, year 1, by issuing common stock for $37,000 cash. During year 1, Stuart received $55,200 cash from revenue and incurred costs that required $37,200 of cash payments. Prepare a GAAP-based income statement and balance sheet for Stuart Company for year 1 under the following scenario: Stuart is a manufacturing company. The $37,200 was paid to purchase the following items: (1) Paid $3,900 cash to purchase materials that were used to make products during the year. (2) Paid $1,130 cash for wages of factory workers who made products during the year. (3) Paid $17,970 cash for salaries of sales and administrative employees. (4) Paid $14,200 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,200 salvage value. The company uses straight-line depreciation. (5) During year 1, Stuart started and completed 2,100 units of product. The revenue was earned when Stuart sold 1,650 units of product to its customers