Franklin Company began operations on January 1. year 1, by issuing common stock for $30,000 cash. During year 1. Franklin received $62,600 cash from revenue and incurred costs that required $49,600 of cash payments, Part 1 of 3 Required Prepare a GAAP-based income statement and balance sheet for Franklin Company for year 1. for the below scenario: a. Franklin is a promoter of rock concerts. The $49,600 was paid to provide a rock concert that produced the revenue. 10 points eBook Complete this question by entering your answer in the tabs below. References Income Statement Balance Sheet Prepare an Income Statement. FRANKLIN COMPANY Income Statement for Year 1 Bingens Part 1 of 3 Complete this question by entering your answer in the tabs below. 10 points Income Statement Balance Sheet eBook Prepare a Balance Sheet. References FRANKLIN COMPANY Balance Sheet as of 12/31Year 1 Assets Total assets Equity Total equity Income Statement