[The following information applies to the questions displayed below] Wang Company began operations on January 1, year 1, by issuing common stock for $70,000 cash. During year 1, Wang received $88,000 cash from revenue and incurred costs that required $65,000 of cash payments. Problem 1-24A (Static) Part a Required Prepare a GAAP-based income statement and balance sheet for Wang Company for year 1, for the below scenario: a. Wang is a promoter of rock concerts. The $65,000 was paid to provide a rock concert that produced the revenue. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare a balance sheet. WANG COMPANY Balance Sheet as of 12/31/Year 1 Assets Total assets Equity