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 $4000 cash by issuing common stock. 2. Paid $720 for materials used to produce inventory. 3. Paid $1800 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.RequiredPrepare an income statement balance sheet and statement of cash flows.