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 $4,200 cash by issuing common stock. 2. Paid $700 for materials used to produce inventory. 3. Paid $1,880 to production workers. 4. Paid $1,476 rental fee for production equipment. 5. Paid $90 to administrative employees. 6. Paid $117 rental fee for administrative office equipment. 7. Produced 390 units of inventory of which 310 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.) SOLOMON COMPANY Income Statement for Year 1