The following transactions pertain to 2018, the first-year operations of Benson Company. All inventory was started and completed during 2018. Assume that all transactions are cash transactions.

1. Acquired $4,100 cash by issuing common stock.

2. Paid $690 for materials used to produce inventory.

3. Paid $1,810 to production workers.

4. Paid $1,829 rental fee for production equipment.

5. Paid $130 to administrative employees.

6. Paid $115 rental fee for administrative office equipment.

7. Produced 390 units of inventory of which 270 units were sold at a price of $13 each.

Required

Prepare an income statement and a balance sheet in accordance with GAAP.

BENSON COMPANY
Income Statement for 2018
not attempted	not attempted
not attempted	not attempted
not attempted	$0
not attempted	not attempted
not attempted	not attempted
not attempted	$0

BENSON COMPANY
Balance Sheet as of 12/31/2018
Assets
not attempted	not attempted
not attempted	not attempted
not attempted	not attempted
Total assets	$0
Equity
not attempted	not attempted
not attempted	not attempted
not attempted	not attempted
Total equity	$0