The following transactions pertain to year 1, the first-year operations of Finch 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 $650 for materials used to produce inventory. 3. Paid $1,990 to production workers. 4. Paid $690 rental fee for production equipment. 5. Paid $110 to administrative employees. 6. Paid $110 rental fee for administrative office equipment. 7. Produced 300 units of inventory of which 250 units were sold at a price of $14 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.) ................. ........................................ FINCH COMPANY Income Statement for Year 1 $ 0 $ 0 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 a balance sheet in accordance with GAAP. (Do not round your intermediate calculations.) FINCH COMPANY Balance Sheet as of 12/31/Year 1 Assets Total assets 0 Equity Total equity $ 0