The following transactions pertain to 2014, the first year of operations of the Barlett Company. All inventory was started and completed during 2014. Assume that all transactions are cash transactions.
1. Acquired $2,000 cash by issuing common stock.
2. Paid $400 for materials used to produce inventory.
3. Paid $600 to production workers.
4. Paid $200 rental fee for production equipment.
5. Paid $160 to administrative employees.
6. Paid $80 rental fee for administrative office equipment.
7. Produced 300 units of inventory of which 200 units were sold at a price of $7.00 each.
Required
Construct a spreadsheet that includes the income statement and balance sheet.