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Saved 11HW Exercises/Problems i The following transactions pertain to year 1, the first-year operations of Gibson Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions 1. Acquired $4,000 cash by issuing common stock 2. Paid $710 for materials used to produce inventory 3. Paid $1.920 to production workers 4. Paid $1,810 rental fee for production equipment 5. Paid $80 to administrative employees 6. Paid $115 rental fee for administrative office equipment 7. Produced 400 units of inventory of which 270 units were sold at a price of $14 each Required Prepare an income statement and a balance sheet in accordance with GAAP 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.) 3,780 GIBSON COMPANY Income Statement for Year 1 Sales revenue $ Cost of goods sold Grossmin $ Anunstrative expense 3.780 Net income $ 3.780