2 Exercise 12-9A (Algo) Process cost system LO 12-2, 12-3 Franklin Manufacturing Company started operations on January 1, Year 1 During Year 1, the company engaged in the following 10 points transactions, Book 1. Issued common stock for $76,000 2. Pald $34.000 cash to purchase raw materials used to make products. 3. Transferred $25,000 of raw materiais to the production department 4. Paid $27,500 cash for labor used to make products 5. Pald $43,000 tsh for overhead costs (onsumo actual and estimated overhead are me same). 6. Finished work on products that cost $84,000 to make 7. Sold products that cost $70,000 to make for $92,000 cash. Heteros Required a. Prepare the December 31. Year 1. balance sheet b. Prepare the December 31, Year 1, Income statement