Please include the step by step changes to the balance sheet with each line of new transactions. Thank you.

The following transactions pertain to year 1 , the first-year operations of Fanning Company. All inventory was started and comple during year 1 . Assume that all transactions are cash transactions. 1. Acquired $4,800 cash by issuing common stock. 2. Paid $630 for materials used to produce inventory. 3. Paid $1,830 to production workers. 4. Paid $1,236 rental fee for production equipment. 5. Paid $120 to administrative employees. 6. Paid $108 rental fee for administrative office equipment. 7. Produced 330 units of inventory of which 240 units were sold at a price of $14 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 your intermediate calculations. The following transactions pertain to year 1 , the first-year operations of Fanning Company. All inventory was started and completed during year 1 . Assume that all transactions are cash transactions. 1. Acquired $4,800 cash by issuing common stock. 2. Paid $630 for materials used to produce inventory. 3. Paid $1,830 to production workers. 4. Paid $1,236 rental fee for production equipment. 5. Paid $120 to administrative employees. 6. Paid $108 rental fee for administrative office equipment. 7. Produced 330 units of inventory of which 240 units were sold at a price of $14 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