Zachary Modems, Inc. makes modem cards that are used in notebook computers. The company completed the following transactions during year 1. All purchases and sales were made with cash. 1. Acquired $940,000 of cash from the owners. 2. Purchased $365,00e of manufacturing equipment. The equipment has a $49,000 salvage value and a four-year useful life. Label the purchase of the equipment as Event 2a and the recognition of depreciation as Event 2b. 3. The company started and completed 6,900 modens. Direct materials purchased and used amounted to $59 per unit. 4. Direct labor costs amounted to $44 per unit. 5. The cost of manufacturing supplies purchased and used anounted to $23 per unit. 6. The company paid $69,000 to rent the manufacturing facility. 7. Zachary sold all 6,900 units at a cash price of $215 per unit. Label the recognition of the sale as Event 7a and the cost of goods sold as Event 7b. (Hint: It will be necessary to determine the manufacturing costs in order to record the cost of goods sold.) 8. The sales staff was paid a $15.50 per unit sales commission. 9. Paid $58,000 to purchase equipment for adeinistrative offices. The equipment was expected to have a $4,900 salvage value and a three-year useful life. Label the purchase of the equipment as Event 9a and the recognition of depreciation as Event 9b 10. Administrative expenses consisting of office rental and salaries amounted to $81,450. Required a. Record the transaction data for Zachary Modems, Inc. in the financial statements like the one shown as follows. The first transaction is recorded as an example. b-1. Prepare an income statement b-2. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Req A Req B1 Req 82 Req A Req B1 Req B2 Record the transaction data for Zachary Modems, Inc. in the financial statements like the one shown as follows. The first transaction is recorded as an example. (Enter decreases to account balances with a minus sign. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) ZACHARY MODEMS, INC. Balance Sheet Event No. Income Statement Assets Equity Manuf Cash Office Common Stock Retained Earnings Inventory Rev. Equip. Exp. Equip Net Inc. 940,000 940,000 2a 2b 3 4 5 6 7a 7b 4 9a 9b 10 Total Req A Req B1 Req B2 Prepare an income statement. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) ZACHARY MODEMS, INC. Income Statement For the Period Ended December 31, year 1 Req A Req B2 Req B1 Prepare a balance sheet. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) ZACHARY MODEMS, INC. Balance Sheet As of December 31, year 1 Assets: Total assets Equity Total stockholders' equity Req 82 Req B1