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The following transactions pertain to year 1 , the first-year operations of Solomon Company. All inventory was started and completed during year 1 . Assume that all transactions are cash transactions. 1. Acquired $4,100 cash by issuing common stock. 2. Paid $660 for materials used to produce inventory. 3. Paid $1,940 to production workers. 4. Paid $1,417 rental fee for production equipment. 5. Paid $90 to administrative employees. 6. Paid $113 rental fee for administrative office equipment. 7. Produced 390 units of inventory of which 300 units were sold at a price of $13 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. Prepare an income statement in accordance with GAAP. Note: Do not round your intermediate calculations. Prepare a balance sheet in accordance with GAAP. Note: Do not round your intermediate calculations