The following transactions pertain to Year 1, the first-year operations of Solomon Company. All inventory was started and completed during Year 1. Assume that all transactions are cash transactions. 1. Acquired $4.600 cash by issuing common stock 2. Paid $640 for materials used to produce inventory. 3. Paid $1,890 to production workers. 4. Peid $902 rental fee for production equipment. 5. Paid $120 to administrative employees. 6. Paid $116 rental fee for administrative office equipment. 7. Produced 330 units of inventory of which 220 units were sold at a price of $13 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.) SOLOMON COMPANY Income Statement for Year 1 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.) SOLOMON COMPANY Balance Sheet as of 12/31/41 Assets Total assets Equity Total equity