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 $4,100 cash by issuing common stock. 2. Paid $640 for materials used to produce inventory. 3. Paid $1,890 to production workers. 4. Paid $1,526 rental fee for production equipment. 5. Paid $120 to administrative employees. 6. Paid $105 rental fee for administrative office equipment. 7. Produced 390 units of inventory of which 320 units were sold at a price of $13 each.

Prepare an income statement.

Prepare a balance sheet.

Prepare a statement of cash flows. Do not round intermediate calculations. Deducted amounts should be indicated with a minus sign.