Problem 10-26A (Algo) Part b Prepare a GAAP-based income statement and balance sheet for Franklin Company for Year 1, under the following independent scenario: b. Franklin is in the car rental business. The $51,200 was paid to purchase automobiles. The automobiles were purchased on January 1, Year 1, and have four-year useful lives, with no expected salvage value. Franklin uses straight-line depreciation. The revenue was generated by leasing the automobiles. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an Income Statement. FRANKLIN COMPANY Income Statement for Year 1 $ 0 $ 0