How Do You Calculate Tension and Angular Acceleration in a Pulley System?

[Drewbie]

Homework Statement

Two rocks, with masses m1 and m2, are attached to the opposite ends of a rope that runs around the inner radius r of a pulley with moment of inertia I

m1 = 10 kg
m2 = 50kg
I = 60 kg*m^2
r = 1 m

I have to determine Tension for both masses and the angular acceleration of the pulley.

I am aware that moment of inertia is equivalent to mass in linear dynamics, but I don't know how to set up the problem. Any help pointing me in the right direction would be appreciated.

 

[vela]

Start by drawing the free-body diagram for each body.