Required information [The following information applies to the questions displayed below.] Rundle Company began operations on January 1, year 1, by issuing common stock for $36,000 cash. During year 1, Rundle received $52,400 cash from revenue and incurred costs that required $38,400 of cash payments. Prepare a GAAP-based income statement and balance sheet for Rundle Company for year 1, for the below scenario: C. Rundle is a manufacturing company. The $38,400 was paid to purchase the following items: (1) Paid $3,300 cash to purchase materials that were used to make products during the year. (2) Paid $2,070 cash for wages of factory workers who made products during the year. (3) Paid $17,230 cash for salaries of sales and administrative employees. (4) Paid $15,800 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,300 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and completed 2,100 units of product. The revenue was earned when Lang sold 1,650 units of product to its customers. Complete this question by entering your answer in the tabs below. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sign.) RUNDLE COMPANY Balance Sheet as of 12/31/Year 1 Assets Cash $ 50,000 Finished goods inventory Manufacturing equipment 50,000 Total assets Equity Common stock Retained earnings | $ 36,000 Total equity 36,000 Income Statement Balance Sheet