The following transactions pertain to year 1, the first-year operations of Jordan Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions. 1. Acquired $4,700 cash by issuing common stock 2. Paid $680 for materials used to produce inventory. 3. Paid $1,930 to production workers. 4. Paid $994 rental fee for production equipment. 5. Paid $80 to administrative employees. 6. Paid $113 rental fee for administrative office equipment. 7. Produced 340 units of inventory of which 280 units were sold at a price of $13 each. Required Prepare on income statement and a balance sheet in accordance with GAAP. Complete this question by entering your answer in the tabs below. Prepare an income statement in accordance with GMA. Notei Do not round intermediate calculations. Indicate amounts to be deducted with a minus son. 6. Paid $113 rental fee for administrative office equipment. 7. Produced 340 units of inventory of which 280 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. Prepare a balance sheet in accordance with GAAP. Note: Do not round your intermediate calculations. The following transactions pertain to year 1, the first-year operations of Jordan Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions. 1. Acquired $4,700 cash by issuing common stock 2. Paid $680 for materials used to produce inventory. 3. Paid $1,930 to production workers. 4. Paid $994 rental fee for production equipment. 5. Paid $80 to administrative employees. 6. Paid $113 rental fee for administrative office equipment. 7. Produced 340 units of inventory of which 280 units were sold at a price of $13 each. Required Prepare on income statement and a balance sheet in accordance with GAAP. Complete this question by entering your answer in the tabs below. Prepare an income statement in accordance with GMA. Notei Do not round intermediate calculations. Indicate amounts to be deducted with a minus son. 6. Paid $113 rental fee for administrative office equipment. 7. Produced 340 units of inventory of which 280 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. Prepare a balance sheet in accordance with GAAP. Note: Do not round your intermediate calculations