Zachary Company began operations on January 1, year 1, by issuing common stock for $36,000 cash During year 1, Zachary received $70,000 cash from revenue and incurred costs that required $52,000 of cash payments. Prepare a GAAP based income statement and balance sheet for Zachary Company for year 1, under each of the following independent scenarios: b. Zachary is in the car rental business. The $52,000 was paid to purchase automobiles. The automobiles were purchased on January 1. year 1, and have four-year useful lives, with no expected salvage value. Zachary 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 a balance sheet (Amounts to be deducted should be indicated with a minus sign.) ZACHARY COMPANY Balance Sheet as of 12/31/Year 1 Assots