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The following transactions pertain to Year 1, the first-year operations of Benson Company. All inventory...

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Accounting

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The following transactions pertain to Year 1, the first-year operations of Benson 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 $680 for materials used to produce inventory. 3. Paid $1,920 to production workers. 4. Paid $1,075 rental fee for production equipment. 5. Paid $80 to administrative employees. 6. Paid $116 rental fee for administrative office equipment. 7. Produced 350 units of inventory of which 290 units were sold at a price of $12 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 an income statement. (Do not round your intermediate calculations.) BENSON COMPANY Income Statement for Year 1 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.). BENSON COMPANY Balance Sheet as of 12/31/Y1 Assets Total assets Equity Total equity

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