Fanning Manufacturing Company started operations on January 1, 2019. During 2019, the company engaged in the following transactions: Issued common stock for $74,000. Paid $30,000 cash to purchase raw materials used to make products. Transferred $23,000 of raw materials to the production department. Paid $26,500 cash for labor used to make products. Paid $41,000 cash for overhead costs (assume actual and estimated overhead are the same). Finished work on products that cost $80,000 to make. Sold products that cost $68,000 to make for $89,000 cash. Required Prepare the December 31, 2019, balance sheet. Prepare the December 31, 2019, income statement.

• Required A
• Required B

Prepare the December 31, 2019, balance sheet.

FANNING MANUFACTURING COMPANY
Balance Sheet for 2019
Assets
Total assets
Equity
Total equity

• Required A & B

• Prepare the December 31, 2019, income statement.

  FANNING MANUFACTURING COMPANY
  Income Statement for 2019