Please help complete income statement and balance sheet using the format provided below. thank you! #9

Required information Problem 10-26A (Algo) Service versus manufacturing companies LO 10-4 [The following information applies to the questions displayed below.) Solomon Company began operations on January 1, Year 1, by issuing common stock for $40,000 cash. During Year 1, Solomon received $51,000 cash from revenue and incurred costs that required $39,000 of cash payments. Problem 10-26A (Algo) Part b Prepare a GAAP-based income statement and balance sheet for Solomon Company for Year 1, under the following independent scenario: b. Solomon is in the car rental business. The $39,000 was paid to purchase automobiles. The automobiles were purchased on January 1, Year 1, and have three-year useful lives, with no expected salvage value. Solomon 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. SOLOMON COMPANY Income Statement for Year 1 $ 0 $ 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.) SOLOMON COMPANY Balance Sheet as of 12/31/41 Assets $ Total assets Equity Total equity $