Franklin Company began operations on January 1, Year 1, by issuing common stock for $34,000 cash. During Year 1, Franklin received $66,200 cash from revenue and incurred costs that required $51,200 of cash payments. Problem 10-26A (Algo) Part a Required Prepare a GAAP-based income statement and balance sheet for Franklin Company for Year 1, under the following independent scenario: a. Franklin is a promoter of rock concerts. The $51,200 was paid to provide a rock concert that produced the revenue. Complete this question by entering your answer in the tabs below.