The following transactions pertain to Year 1, the first-year operations of Adams Company. All Inventory was started and completed during Year 1. Assume that all transactions are cash transactions. 1. Acquired $4,200 cash by Issuing common stock. 2. Paid $710 for materials used to produce Inventory. 3. Paid $1,910 to production workers. 4. Paid $1,230 rental fee for production equipment. 5. Paid $130 to administrative employees. 6. Paid $109 rental fee for administrative office equipment. 7. Produced 350 units of Inventory of which 300 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 Balance Sheet Statement Prepare an income statement. (Do not round your intermediate calculations.) ADAMS COMPANY Income Statement for Year 1 The following transactions pertain to Year 1, the first-year operations of Adams Company. All Inventory was started and completed during Year 1. Assume that all transactions are cash transactions. 1. Acquired $4,200 cash by Issuing common stock. 2. Paid $710 for materials used to produce Inventory. 3. Paid $1,910 to production workers. 4. Paid $1,230 rental fee for production equipment. 5. Paid $130 to administrative employees. 6. Paid $109 rental fee for administrative office equipment. 7. Produced 350 units of Inventory of which 300 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.) ADAMS COMPANY Balance Sheet as of 12/31/Y1 Assets Total assets Equity Total equity