Franklin modems, incorporated, 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. Acquired $820,000 of cash from the owners. Purchased $305,000 of manufacturing equipment. The equipment has a $37,000 salvage value and a four-year useful life. The company started and completed 5,700 modems. Direct materials purchased and used amounted to $47 per unit. Direct labor costs amounted to $32 per unit. The cost of manufacturing supplies amounted to $11 per unit. The company paid $57,000 to rent the manufacturing facility. Franklin sold all 5,700 units at a cash price of $155 per unit. (hint: it will be necessary to determine the manufacturing costs in order to record the cost of goods sold. ) the sales staff was paid a $9. 50 per unit sales commission. Paid $46,000 to purchase equipment for administrative offices. The equipment was expected to have a $3,700 salvage value and a three-year useful life. Administrative expenses consisting of office rental and salaries amounted to $75,450. Required a. Record the transaction data for franklin modems, incorporated, in the financial statements. The first transaction is recorded as an example. B-1. Prepare an income statement. B-2. Prepare a balance sheet