Return to question 4 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 $12,000 cash by issuing common stock. 2. Paid $4.700 for materials used to produce inventory 3. Paid $2,400 to production workers. 4. Paid $900 rental fee for production equipment. 5. 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 of $25 each. Required Prepare an income statement and a balance sheet in accordance with GAAP. Answer is complete but not entirely correct. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an income statement. GIBSON COMPANY Income Statement for Year 1 Sales revenue Cost of goods sold Gross margin Administrative expense Administrative expense Net income ololololo $ 9,000 7,200 $ 1,800 400 350 $ 1,050 Balance Sheet >