The following transactions pertain to 2015, the first-year operations of Bailey Company. All inventory was started and competed during 2015. Assume that all transactions are cash transactions. Acquired $4, 300 cash by issuing common stock. Paid $690 for materials used to produce inventory. Paid $1, 870 to production workers. Paid $1, 325 rental fee for production equipment. Paid $90 to administrative employees. Paid $113 rental fee for administrative office equipment. Produced 370 units of inventory of which 290 units were sold at a price of $13 each. Prepare an income statement and a balance sheet (Do not round intermediate calculations.)