The following transactions pertain to Year 1, the first-year operations of Stuart Company. All inventory was started and completed during Year 1. Assume that all transactions are cash transactions. .5 1. Acquired $4,000 cash by issuing common stock. 2. Paid $700 for materials used to produce inventory. 3. Pald $1,800 to production workers. 4. Paid $1,459 rental fee for production equipment 5. Paid $80 to administrative employees. 6. Paid $105 rental fee for administrative office equipment. 7. Produced 370 units of inventory of which 290 units were sold at a price of $13 each. Required Prepare an income statement and a balance sheet in accordance with GAAP