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

1. Acquired $4,800 cash by issuing common stock.
2. Paid $680 for materials used to produce inventory.
3. Paid $1,880 to production workers.
4. Paid $839 rental fee for production equipment.
5. Paid $120 to administrative employees.
6. Paid $113 rental fee for administrative office equipment.
7. Produced 330 units of inventory of which 180 units were sold at a price of $12 each.

Required

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

Prepare a balance sheet in accordance with GAAP.(Do not round your intermediate calculations.)