Problem 1-22A (Algo) Product versus SG&A costs LO 1-3 The following transactions pertain to year 1, the first-year operations of Walton 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 $720 for materials used to produce inventory. 3. Paid $1,920 to production workers. 4. Paid $1,464 rental fee for production equipment. 5. Paid $90 to administrative employees. 6. Paid $114 rental fee for administrative office equipment. 7. Produced 380 units of inventory of which 320 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. Income Statement Balance Sheet Prepare an income statement in accordance with GAAP. (Do not round your intermediate calculations.) WALTON COMPANY Income Statement for Year 1 Income Statement Balance Sheet >