Solomon Manufacturing Company was started on January 1, Year 1, when it acquired $4,000 cash from the issue of common stock. During the first year of operation, $2,800 of direct raw materials was purchased with cash, and $1,600 of the materials was used to make products. Direct labor costs of $3,000 were paid in cash. Solomon applied $840 of overhead cost to the Work in Process account. Cash payments of $840 were were made for actual overhead costs. The company completed products that cost $3,600 and sold goods that had cost $2,800 for $4,000 cash. Selling and administrative expenses of $680 were paid in cash. Required 1:. Prepare Taccounts and record the events affecting Solomon Manufacturing. Include closing entries. b1. Prepare a schedule of cost of goods manufactured and sold. b2. Prepare an income statement. b3. Prepare a balance sheet. Complete this question by entering your answers in the labs below. Req A Req r31 Req r32 Req r33 Prepare T-accounts and record the events affecting Solomon Manufacturing. Include closing entries. Ending Balance Ending Balance Ending Balance Raw Materials Retained Earnings Debit Credit Debit Credit Ending Balance Ending Balance Manufacturing Overhead Sales Revenue Debit Credit Debit Credit Ending Balance 0 0 Ending Balance 0 0 Work in Process Cost of Goods Sold Debit Credit Debit Credit Ending Balance 0 Ending Balance Finished Goods Selling and Administrative Expenses Debit Credit Debit Credit Ending Balance Ending Balance 0 0Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Prepare a schedule of cost of goods manufactured and sold. SOLOMON MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For the Year Ended December, Year 1 Raw materials available 0 Raw materials used 0 Total manufacturing costs 0 Total work in process inventory 0 Cost of goods manufactured Goods available for sale 0 Cost of goods sold 0Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Prepare an income statement. SOLOMON MANUFACTURING COMPANY Income Statement For the Year Ended December, Year 1 0 Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Prepare a balance sheet. SOLOMON MANUFACTURING COMPANY Balance Sheet At December, Year 1 Assets Total assets Stockholders' Equity Total stockholders' equity