Franklin Construction Company began operations on January 1, 2019, when it acquired $16,000 cash from the issuance of common stock. During the year, Franklin purchased $2,600 of direct raw materials and used $2,500 of the direct materials. There were 114 hours of direct labor worked at an average rate of $7 per hour paid in cash. The predetermined overhead rate was $2.00 per direct labor hour. The company started construction on three prefabricated buildings. The job cost sheets reflected the following allocations of costs to each building:

Direct Materials Direct Labor Hours

Job 1 $ 500 30

Job 2 1,100 54

Job 3 900 30

The company paid $60 cash for indirect labor costs. Actual overhead cost paid in cash other than indirect labor was $150. Franklin completed Jobs 1 and 2 and sold Job 1 for $1,400 cash. The company incurred $150 of selling and administrative expenses that were paid in cash. Over- or underapplied overhead is closed to Cost of Goods Sold.

Required

1. Record the preceding events in a horizontal statements model. The first event for 2019 has been recorded as an example. (Record the preceding events in a horizontal statements model. Reconcile all subsidiary accounts with their respective control accounts. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant.The first event for 2019 has been recorded as an example. (Enter costs of each job individually. Enter any decreases to account balances with a minus sign.)
2. Reconcile all subsidiary accounts with their respective control accounts.
3. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant.
4. Prepare schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for 2019.

*******************PLEASE HELP WITH #1 *****************************