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 under the following 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. Prepare a balance sheet