The following transactions pertain to 2018, the first-year operations of Baird Company. All inventory was started and completed during 2018. Assume that all transactions are cash transactions. 1. Acquired $4,400 cash by issuing common stock. 2. Paid $720 for materials used to produce inventory. 3. Paid $1,950 to production workers. 4. Paid $740 rental fee for production equipment. 5. Paid $120 to administrative employees. 6. Paid $111 rental fee for administrative office equipment. 7. Produced 310 units of inventory of which 250 units were sold at a price of $14 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 Statement Balance Sheet Prepare an income statement. (Do not round your intermediate calculations.) BAIRD COMPANY Income Statement for 2018 Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare a balance sheet. (Do not round your intermediate calculations.) BAIRD COMPANY Balance Sheet as of 12/31/2018 Assets Total assets Equity Total equity