Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an income statement in accordance with GAAP. (Do not round your intermediate calculations.) PEREZ COMPANY Income Statement for Year 1 Sales revenue Accounts payable $ 0 $ 0 The following transactions pertain to year 1, the first-year operations of Perez Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions. 1. Acquired $4,600 cash by issuing common stock. 2. Paid $670 for materials used to produce inventory. 3. Paid $1,800 to production workers. 4. Paid $1,240 rental fee for production equipment. 5. Paid $130 to administrative employees. 6. Paid $104 rental fee for administrative office equipment. 7. Produced 350 units of inventory of which 270 units were sold at a price of $13 each. Required Prepare an income statement and a balance sheet in accordance with GAAP. Income Statement Balance Sheet Prepare a balance sheet in accordance with GAAP. (Do not round your intermediate calculations.) PEREZ COMPANY Balance Sheet as of 12/31/Year 1 Assets $ 0 Total assets Equity Total equity $ 0