Saved The following transactions pertain to Year 1, the first-year operations of Vernon Company. All inventory was started and completed during Year 1. Assume that all transactions are cash transactions. 1. Acquired $5.000 cash by issuing common stock. A 2. Pald $640 for materials used to produce inventory 3. Paid $1.950 to production workers. 4. Pald $740 rental fee for production equipment. 5. Paid $80 to administrative employees 6. Paid $106 rental fee for administrative office equipment. 7. Produced 300 units of inventory of which 150 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 Balance Sheet Prepare an income statement. (Do not round your intermediate calculations.) VERNON COMPANY Income Statement for Year 1 Di 7 of 28 11: Next