[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 an income statement. WANG COMPANY Income Statement for Year 1