[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 b Required Prepare a GAAP-based income statement and balance sheet for Wang Company for year 1, for the below scenario: b. Wang is in the car rental business. The $65,000 was paid to purchase automobiles. The automobiles were purchased on January 1. year 1, and have five-year useful lives, with no expected salvage value. Wang uses straight-line depreciation. The revenue was generated by leasing the automobiles. 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