Problem 10-21 Product versus general, selling, and administrative costs The following transactions pertain to 2012, the first year operations of Hall Company. All inventory was started and completed during 2012. Assume that all transactions are cash transactions. 1. Acquired $4,000 cash by issuing common stock. 2. Paid $720 for materials used to produce inventory. 3. Paid $1,800 to production workers. 4. Paid $540 rental fee for production equipment. 5. Paid $180 to administrative employees. 6. Paid $144 rental fee for administrative office equipment. '7. Produced 300 units of inventory of which 200 units were sold at a price of $12 each. Required Prepare an income statement, balance sheet, and statement of cash flows