The following transactions pertain to 2012, the first-year operations of Hall Company. All inventories was started and completed during 2012. Assume that all transactions are cash transactions. 1. Acquired $4,900 cash by issuing common stock. 2. Paid $690 for materials used to produce inventory. 3. Paid $1,860 to production workers. 4. Paid $1,594 rental fee for production equipment. 5. Paid $120 to administrative employees. 6. Paid $114 rental fee for administrative office equipment. 7. Produced 370 units of inventory of which 280 units were sold at a price of $14 each.