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 $4,100 cash by issuing common stock 2. Paid $650 for materials used to produce Inventory. 3. Paid $2,000 to production workers. 4. Paid $1,130 rental fee for production equipment 5. Paid $90 to administrative employees. 6. Paid $107 rental fee for administrative office equipment. 7. Produced 350 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 a balance sheet. (Do not round your intermediate calculations.) GIBSON COMPANY Balance Sheet as of 12/31/Y11 Assets Cash Finished goods inventory Total assets Equity Common stock Retained earnings Total equity $ 0 $ 0 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 $4,100 cash by issuing common stock 2. Paid $650 for materials used to produce inventory. 3. Paid $2,000 to production workers 4. Paid $1,130 rental fee for production equipment 5. Paid $90 to administrative employees. 6. Paid $107 rental fee for administrative office equipment 7. Produced 350 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. GIBSON COMPANY Income Statement for Year 11 Sales revenue Cost of goods sold Gross margin $ 0 Administrative expense Net income $ 0 Income Statement Balance Sheet >