The following transactions pertain to year 1, the first-year operations of Gibson Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions.

1. Acquired $12,000 cash by issuing common stock.

2. Paid $4,700 for materials used to produce inventory.

3. Paid $2,400 to production workers.

4. Paid $900 rental fee for production equipment.

5. Paid $350 to administrative employees.

6. Paid $400 rental fee for administrative office equipment.

7. Produced 400 units of inventory of which 360 units were sold at a price of $25 each.

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

***Missing something, need help identifying what I'm missing***

GIBSON COMPANY Income Statement for Year 1 Sales revenue Cost of goods sold Gross margin $ 9,000 7,200 $ 1,800 Administrative expense 750 Net income $ 1,050 GIBSON COMPANY Balance Sheet as of 12/31/Year 1 Assets Cash $ $ 12,250 Finished goods inventory 800 Total assets $ 13,050 Equity Common stock Retained earnings $ 12,000 1,050 Total equity $ 13,050