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 $4,800 cash by issuing common stock.
2.	Paid $630 for materials used to produce inventory.
3.	Paid $1,950 to production workers.
4.	Paid $1,058 rental fee for production equipment.
5.	Paid $110 to administrative employees.
6.	Paid $119 rental fee for administrative office equipment.
7.	Produced 340 units of inventory of which 200 units were sold at a price of $13 each.

Required a-1. Prepare an income statement. (Do not round intermediate calculations.) BAILEY COMPANY Income Statement for 2015 a-2. Prepare a balance sheet. BAILEY COMPANY Balance Sheet As of December 31 Assets Total assets Stockholders' Equity Total stockholders' equity