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 $4,000 cash by issuing common stock. 2. Paid $690 for materials used to produce inventory. 3. Paid $1,930 to production workers. 4. Paid $984 rental fee for production equipment. 5. Paid $90 to administrative employees. 6. Paid $105 rental fee for administrative office equipment. 7. Produced 340 units of inventory of which 250 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 in accordance with GAAP. (Do not round your intermediate calculations.) PEREZ COMPANY Income Statement for Year 1 Income Statement Balance Sheet > 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 Total assets Equity Total equity Income Statement Balance Sheet