8. Dazzling Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: "(Cick the ioon to view the transactions.) Read the raquicements 2. Requirement 1. Prepare Dazzling's income statement for the year ended December 31, 2021. Use the single-step format, with all revenues listed together and all expenses together. Requirement 2. Prepare Dazzling's balance sheet at December 31, 2021. Dazzling Motors, lnc. activities using the indivect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash. Enter oro for zero balances.) On January 1, 2021, Dazzling issued is common stock for 5430,000 . Early in January, Dazzing made the following cash payments: a. $160,000 for equipment b. $234,000 for inventory (sbx cars at $39,000 each) c. \$18,000 for 2021 rent on a store bulding In February, Dazzling purchased four cars for inventory on account. The cost of this invenfory was $192,000 ( $48,000 per car). Betore year-end, the company paid off $134,400 of this debt. The company uses the first-in, first-out (FIFO) method to aocount for its inventory. During 2021, Dazzling sold seven autos for a botal of \$504,000. Betore year-end, t had collected 50% of this amount. The business emplays two people. The combined annual payroll is $60,000, of which Dazzling owes $2,000 at year-end. At the end of the year, the company paid income taxes of $22,000. Late in 2021, Dazzling declared and paid cash dividends of $15,000. For equipment, Dazzling uses the straight-fine depreciation method, over five years, with zero residual value. 2: Requirements 1. Prepare Dazzing's income statement for the year ended December 31, 2021. Use the single-step format, with all revenues listed together and all expenses together. 2. Prepare Dazzling's balance sheet at December 31, 2021. 3. Prepare Dazzling's statement of cash flows for the year ended December 31, 2021. Format cash flows from operating activities using the indrect method