Exercise 12.9A (Algo) Process cost system LO 12-2, 12-3 Thornton Manufacturing Company started operations on January 1, Year 1 . During Year 1, the company engaged in the following transactions: 1. Issued common stock for $85,000 2. Paid $31,000 cash to purchase raw materials used to make products 3. Transferred $22,000 of raw materials to the production department. 4. Paid $32000 cash for labor used to make products. 5. Paid $52,000 cash for overhead costs (assume actual and estimated overhead are the same) 6. Finished work on products that cost $81,000 to make 7. Sold products that cost $67,000 to make for $92.500 cash Required o. Prepare the December 31, Year 1 balarice sheet b. Prepare the December 31, Year 1 , ipcome statement. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Prepare the December 31, Year 1, balance sheet. \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Balance Sheet for Year 1} \\ \hline Assets & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline Total assets & \\ \hline Equity & $ \\ \hline & \\ \hline & \\ \hline & \\ \hline Total equity & $ \\ \hline \end{tabular} Required B