The following transactions pertain to Year 1, the first-year operations of Franklin Company. All inventory was started and completed during Year 1. Assume that all transactions are cash transactions. 1. Acquired $4,200 cash by issuing common stock. 2. Paid $660 for materials used to produce inventory. 3. Paid $1,810 to production workers. 4. Paid $890 rental fee for production equipment. 5. Paid $130 to administrative employees. 6. Paid $117 rental fee for administrative office equipment. 7. Produced 320 units of inventory of which 250 units were sold at a price of $13 each. Required Prepare an income statement and a balance sheet in accordance with GAAP. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an income statement. (Do not round your Intermediate calculations.) FRANKLIN COMPANY Income Statement for Year 1 Income Statement Balance Sheet Prepare a balance sheet. (Do not round your intermediate calculations.) FRANKLIN COMPANY Balance Sheet as of 12/31/Y1 Assets Total assets Equity Total equity