The following transactions pertain to Year 1, the first-year operations of Zachary 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 $670 for materials used to produce inventory. 3. Paid $1,850 to production workers. 4. Paid $1,432 rental fee for production equipment. 5. Paid $90 to administrative employees. 6. Paid $115 rental fee for administrative office equipment. 7. Produced 380 units of inventory of which 300 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.) ZACHARY COMPANY Income Statement for Year 1 Income Statement Balance Sheet >