The following transactions pertain to year 1, the first-year operations of Munoz Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions. 1. Acquired $4,200 cash by issuing common stock. 2. Paid $690 for materials used to produce inventory. 3. Paid $1,860 to production workers. 4. Paid $938 rental fee for production equipment. 5. Paid $90 to administrative employees. 6. Paid $112 rental fee for administrative office equipment. 7. Produced 320 units of inventory of which 190 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 in accordance with GAAP. (Do not round your intermediate calculations.) MUNOZ COMPANY Income Statement for Year 1 The following transactions pertain to year 1, the first-year operations of Munoz Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions. 1. Acquired $4,200 cash by issuing common stock. 2. Paid $690 for materials used to produce inventory. 3. Paid $1,860 to production workers. 4. Paid $938 rental fee for production equipment. 5. Paid $90 to administrative employees. 6. Paid $112 rental fee for administrative office equipment. 7. Produced 320 units of inventory of which 190 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 a balance sheet in accordance with GAAP. (Do not round your intermediate calculations.) MUNOZ COMPANY Balance Sheet as of 12/31/Year 1 Assets Total assets Equity