The following transactions pertain to year 1, the first-year operations of Walton Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions. Acquired $4,100 cash by issuing common stock. Paid $640 for materials used to produce inventory. Paid $1,990 to production workers. Paid $762 rental fee for production equipment. Paid $130 to administrative employees. Paid $105 rental fee for administrative office equipment. Produced 320 units of inventory of which 240 units were sold at a price of $13 each. Required Prepare an income statement and a balance sheet in accordance with GAAP