Required information [The following information applies to the questions displayed below.] Wang Company began operations...
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Required information [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 recelved $88,000 cash from revenue and incurred costs that required $65,000 of cash payments. Prepare a GAAP-based income statement and balance sheet for Wang Company for Year 1, under the following independent scenario: . 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-fine depreciation. The revenue was generated by leasing the automobiles Complete this question by entering your answer in the tabs below. Prepare an income statement
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