Jordan Manufacturing Company started operations on January 1, Year 1. During Year 1, the company engaged in the following transactions. 1. Issued common stock for $78,000. 2. Paid $38,000 cash to purchase raw materials used to make products. 3. Transferred $27,000 of raw materials to the production department. 4. Paid $28,500 cash for labor used to make products. 5. Paid $45,000 cash for overhead costs (assume actual and estimated overhead are the same). 6. Finished work on products that cost $88,000 to make. 7. Sold products that cost $72,000 to make for $95,000 cash. Required a. Prepare the December 31, Year 1, balance sheet. b. Prepare the December 31 , Year 1, income statement. Complete this question by entering your answers in the tabs below. Prepare the December 31 , Year 1 , balance sheet