The following transactions pertain to 2018, the first-year operations of Rooney Company. All inventory was started and completed during 2018. Assume that all transactions are cash transactions. 1. Acquired $4,000 cash by issuing common stock. 2. Paid $660 for materials used to produce inventory 3. Paid $1,950 to production workers. 4. Paid $1,680 rental fee for production equipment. 5. Paid $110 to administrative employees. 6. Paid $110 rental fee for administrative office equipment. 7. Produced 390 units of inventory of which 240 units were sold at a price of $13 each Required Prepare an income statement and a balance sheet in accordance with GAAP