The following transactions pertain to year 1, the first-year operations of Thornton Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions. 1. Acquired $4,100 cash by issuing common stock. 2. Paid $630 for materials used to produce inventory. 3. Paid $1,850 to production workers. 4. Paid $1,516 rental fee for production equipment. 5. Paid $100 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. Complete this question by entering your answer in the tabs below. Prepare an income statement in accordance with GAAP. Note: Do not round intermediate calculations. Indicate amounts to be deducted with a minus sign. Prepare a balance sheet in accordance with GAAP. Note: Do not round your intermediate calculations