Accessibility tab summary: A table is provided from A4 to F10. The statement of requirements is provided from rows 12 to 15. An income statement table is provided from A17 to B26. Values can be entered from B20 to B22 and from B24 to B26. A balance sheet is provided from A28 to B38. Values can be entered from B32 to B34 and from B36 to B38. The following transactions pertain to Year 1, the first year of operations of the Barlett Company. All inventory was started and completed during Year 1. Assume that all transactions are cash transactions.1. Acquired $2,000 cash by issuing common stock.$2,0002. Paid $400 for materials used to produce inventory.$4003. Paid $600 to production workers.$6004. Paid $200 rental fee for production equipment.$2005. Paid $160 to administrative employees.$1606. Paid $80 rental fee for administrative office equipment.$807. Produced 300 units of inventory, of which 200 units were sold for $7.00 each.300200$7.00Required: Complete the income statement and balance sheet shown. Note: Amounts to be deducted should be indicated by a minus sign. Use cell referencing to select account values. If nothing belongs in a cell, leave it blank. BARTLETT COMPANY Income Statement For the year ended December 31, Year 1RevenueCost of goods sold Gross margin General, selling, & administrative expenses Salaries expense Rent Net Income BARTLETT COMPANY Balance Sheet As of December 31, Year 1AssetsCashFinished goods inventory Total assets Stockholders' equity Common stock Retained earnings Total stockholders' equity