The following transactions pertain to year 1 , the first-year operations of Finch Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions. 1. Acquired $4,800 cash by issuing common stock. 2. Paid $670 for materials used to produce inventory. 3. Paid $1,900 to production workers. 4. Paid $895 rental fee for production equipment. 5. Paid $100 to administrative employees. 6. Paid $114 rental fee for administrative office equipment. 7. Produced 330 units of inventory of which 190 units were sold at a price of $12 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. Prepare an income statement in accordance with GAAP. Note: Do not round your intermediate calculations. The following transactions pertain to year 1 , the first-year operations of Finch Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions. 1. Acquired $4,800 cash by issuing common stock. 2. Paid $670 for materials used to produce inventory. 3. Paid $1,900 to production workers. 4. Paid $895 rental fee for production equipment. 5. Paid $100 to administrative employees. 6. Paid $114 rental fee for administrative office equipment. 7. Produced 330 units of inventory of which 190 units were sold at a price of $12 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. Prepare a balance sheet in accordance with GAAP. Note: Do not round your intermediate calculations