Baird Manufacturing Company started operations on January 1. Year 1. During Year 1, the company engaged in the following transactions. 1. Issued common stock for $71,000. 2. Paid $24,000 cash to purchase raw materials used to make products. 3. Transferred $20,000 of raw materials to the production department. 4. Paid $25,000 cash for labor used to make products 5. Paid $38,000 cash for overhead costs (assume actual and estimated overhead are the same). 6. Finished work on products that cost $74,000 to make. 7. Sold products that cost $65,000 to make for $84,500cash. Required a. Prepare the December 31, Year 1, balance sheet b. Prepare the December 31, Year 1 , income statement. o. Prepare the December 31 , Year 1 , balance sheet b. Prepare the December 31 , Year 1 , income statement Complete this question by entering your answers in the tabs below. Prepare the December 31 , Year 1 , balance sheet. Complete this question by entering your answers in the tabs below. Prepare the December 31 , Year 1 , income statement