The following transactions pertain to 2018, the first-year operations of Franklin Company. All inventory was started and completed during 2018. Assume that all transactions are cash transactions. Acquired $4,600 cash by issuing common stock. Paid $640 for materials used to produce inventory. Paid $1,910 to production workers. Paid $643 rental fee for production equipment. Paid $110 to administrative employees. Paid $105 rental fee for administrative office equipment. Produced 310 units of inventory of which 230 units were sold at a price of $12 each. Required Prepare a balance sheet in accordance with GAAP.