Solomon Manufacturing Company started operations on January 1, Year 1. During Year 1, the company engaged in the following transactions. 1. Issued common stock for $83,000. 2. Paid $27,000 cash to purchase raw materials used to make products. 3. Transferred $20,000 of raw materials to the production department. 4. Paid $31,000 cash for labor used to make products. 5. Paid $50,000 cash for overhead costs (assume actual and estimated overhead are the same). 6. Finished work on products that cost $77,000 to make. 7. Sold products that cost $65,000 to make for $89,500 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. Required A Required B Prepare the December 31, Year 1, balance sheet. SOLOMON MANUFACTURING COMPANY Balance Sheet for Year 1 Assets Required A Required B Prepare the December 31, Year 1, balance sheet. SOLOMON MANUFACTURING COMPANY Balance Sheet for Year 1 Assets Total assets Stockholders' equity Total stockholders' equity + Required A Requided B Prepare the December 31, Year 1, income statement. SOLOMON MANUFACTURING COMPANY Income Statement for Year 1