cumulated depreciation as negative amounts in these columns. Product versus SG&A costs n Company. All imce e cash transactions, Problem 10-24 LO 10-3 URES 1,050 3,050 The following transactions pertain to 2018, the first-year operations of Gibson tory was started and completed during 2018. Assume that all transactions are cash Acquired S12,000 cash by issuing common stock. 2. Paid $4,700 for materials used to produce inventory 3. Paid $2,400 to production workers 1. Paid S900 rental fee for production equipment 5. 4. Paid $350 to administrative employees. 6. Paid $400 rental fee for administrative office equipment. 7. Produced 400 units of inventory of which 360 units were sold at a price ofach. Required Prepare an income statement and a balance sheet in accordance with GAAP. Problon