The following transactions pertain to 2012, the first year operations of Hall Company. All inventory was started and completed during 2012. Assume that all transactions are cash transactions.
1. Acquired $4,000 cash by issuing common stock.
2. Paid $720 for materials used to produce inventory.
3. Paid $1,800 to production workers.
4. Paid $540 rental fee for production equipment.
5. Paid $180 to administrative employees.
6. Paid $144 rental fee for administrative office equipment.
7. Produced 300 units of inventory of which 200 units were sold at a price of $12 each.
Required
Prepare an income statement, balance sheet, and statement of cash flows.