Problem 10-26A (Algo) Part c Prepare a GAAP-based income statement and balance sheet for Franklin Company for Year 1, under the following independent scenario: c. Franklin is a manufacturing company. The $51,200 was paid to purchase the following items: (1) Paid $3,600 cash to purchase materials that were used to make products during the year. (2) Paid $310 cash for wages of factory workers who made products during the year. (3) Paid $30,890 cash for salaries of sales and administrative employees. (4) Paid $16,400 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,300 salvage value. The company uses straight-line depreciation. (5) During Year 1, Franklin started and completed 2,100 units of product. The revenue was earned when Franklin sold 1,700 units of product to its customers. Complete this question by entering your answer in the tabs below.