Bravo Manufacturing started its operations on January 1, Year 1. The following are the transactions for the first year:

Transaction #	Date	Transaction Description	Amount
1	Jan 1, Y1	Issued common stock for cash	$100,000
2	Jan 10, Y1	Purchased equipment for cash	$20,000
3	Feb 5, Y1	Purchased raw materials on credit	$15,000
4	Mar 1, Y1	Paid cash for labor used in production	$30,000
5	Apr 15, Y1	Paid utilities expense for the factory	$8,000
6	Jun 10, Y1	Transferred raw materials to production	$12,000
7	Aug 1, Y1	Completed work on products (cost to make: $60,000)	-
8	Nov 30, Y1	Sold products costing $50,000 on account	$80,000

Required:

1. Record the transactions in the general ledger.
2. Prepare the balance sheet as of December 31, Year 1.