Please complete a balance sheet.

Required information [The following information applies to the questions displayed below.] Perez Company began operations on January 1, year 1, by issuing common stock for $33,000 cash. During year 1, Perez received $64,800 cash from revenue and incurred costs that required $48,800 of cash payments. Prepare a GAAP-based income statement and balance sheet for Perez Company for year 1, under each of the following independent scenarios: b. Perez is in the car rental business. The $48,800 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. Perez 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. PEREZ COMPANY Income Statement for Year 1 $