Year 1. Assume that all transactions are cash transactions. 1. Acquired $4,800 cash by issuing common stock. 2. Paid $680 for materials used to produce inventory. 3. Paid $1,870 to production workers. 4. Paid $1,650 rental fee for production equipment. 5. Paid $110 to administrative employees. 6. Paid $107 rental fee for administrative office equipment. 7. Produced 400 units of inventory of which 330 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 a balance sheet. (Do not round your intermediate calculations.) BAIRD COMPANY Balance Sheet as of 12/31/Y1 Assets Cash Finished goods inventory Total assets Equity Common ett $ 0 Required Prepare an income statement and a balance sheet in Complete this question by entering your answer Income Statement Balance Sheet Prepare an income statement. (Do not round your inte BAIRD COMPANY Income Statement for Year 1 Sales revenue Cost of goods sold Gross margin Administrative expense Net income $ 0 $ 0 < Income Statem Complete this question by entering your answer in the Income Statement Balance Sheet Prepare a balance sheet. (Do not round your intermediate ca BAIRD COMPANY Balance Sheet as of 12/31/Y1 Assets Cash Finished goods inventory Total assets Equity Common stock Retained earnings Total equity $ 0 $ 0 < Income Statement