The following transactions pertain to Year 1, the first-year operations of Rooney Company. All inventory was started and completed during Year 1. Assume that all transactions are cash transactions. 1. Acquired $4,900 cash by issuing common stock. 2. Paid $700 for materials used to produce inventory. 3. Paid $1,900 to production workers. 4. Paid $717 rental fee for production equipment. 5. Paid $120 to administrative employees. 6. Paid $110 rental fee for administrative office equipment. 7. Produced 310 units of inventory of which 250 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 Balance Sheet Statement Prepare an Income statement. (Do not round your intermediate calculations.) ROONEY COMPANY Income Statement for Year 1 Sales revenue $ 3,250 Cost of goods sold Gross margin $ 3,250 Administrative expense Net income $ 3,250