The following transactions pertain to year 1, the first-year operations of Perez Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions 1. Acquired $1,100 cash by issuing common stock 2. Paid $680 for materials used to produce inventory 3. Paid $1,810 to production workers. 4. Paid $838 rental fee for production equipment. 5. Paid $100 to administrative employees. 6. Paid $109 rental fee for administrative office equipment 7. Produced 320 units of inventory of which 200 units were sold at a price of $12 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.) PEREZ COMPANY Income Statement for Year 1 apter 1 Homework Saved . Prepare an income statement and a balance shee 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.) PEREZ COMPANY Income Statement for Year 1 S 0 S 0 Balance Sheet > Prey 6 of 6 fit 1 Chapter 1 Homework i Saved Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare a balance sheet in accordance with GAAP. (Do not round your intermediate calculations.) PEREZ COMPANY Balance Sheet as of 12/31/Year 1 Assets 5 0 Total assets Equity Total equity S 0 Income Statement