The following transactions pertain to 2015, the first-year operations of Bailey Company. All inventory was started and completed during 2015. Assume that all transactions are cash transactions.

1.

Acquired $4,900 cash by issuing common stock.

2.

Paid $680 for materials used to produce inventory.

3.

Paid $1,970 to production workers.

4.

Paid $1,454 rental fee for production equipment.

5.

Paid $140 to administrative employees.

6.

Paid $114 rental fee for administrative office equipment.

7.

Produced 380 units of inventory of which 240 units were sold at a price of $13 each

Require

1.

Prepare an income statement. (Do not round intermediate calculations.)

2.

Prepare a balance sheet

Prepare statement of cash flows. (Do not round intermediate calculations. Amounts to be deducted should be indicated with a minus sign.)