11-1 Fanning Company started year 1 with $135,000 in its cash and common stock accounts. During year 1, Fanning paid $101,250 cash for employee compensation and $31,050 cash for materials. Required nts a. Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Fanning used the labor and materials to make 1,500 chairs. Further, assume that Fanning sold 1,200 of the chairs it made. State the name(s) of the expense account(s) shown on the income statement. b. Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Farning used the labor and materials to provide dental cleaning services to 500 patients. State the name(s) of the expense accounts) shown on the income statement. eBook Hint Complete this question by entering your answers in the tabs below. Ask Required B Required A References Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Fanning used the labor and materials to make 1,500 chairs. Further, assume that Fanning sold 1,200 of the chairs it made. State the name(s) of the expense account(s) shown on the income statement. Total assets Total expenses Name of the expense (Required A Required B 11-1 Fanning Company started year 1 with $135,000O in its cash and common stock accounts. During year 1, Fanning paid $101,250 cash for employee compensation and $31,050 cash for materials. Required a. Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Fanning used the labor and materials to make 1,500 chairs. Further, assume that Fanning sold 1,200 of the chairs it made. State the name(s) of the expense account(s) shown on the income statement. b. Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Fanning used the labor and materials to provide dental cleaning services to 500 patients. State the name(s) of the expense account(s) shown on the income statement. Complete this question by entering your answers in the tabs below. Required A Required B Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Fanning used the labor and materials to provide dental cleaning services to 500 patients. State the name(s) of the expense account(s) shown on the income statement. Total assets Total expenses Name of the expense