a. On January 1, 2024, NARRC issued no par common stock for $500,000. b. Early in January, NARRC made the following cash payments 1. For store fixtures, $52,000 2. For merchandise inventory, $270,000 3. For rent expense on a store building, $18,000 c. Later in the year, NARRC purchased merchandise inventory on account for $244,000. Before year-end, NARRC paid $154,000 of this accounts payable. d. During 2024, NARRC sold 2,200 units of merchandise inventory for $375 each. Before year-end, the company collected 85% of this amount. Cost of goods sold for the year was $350,000, and ending merchandise inventory totaled $164,000 e. The store employs three people. The combined annual payroll is $88,000, of which NARRC still owes $4,000 at year-end. f.At the end of the year, NARRC paid income tax of $18,000. There are no income taxes payable 9. Late in 2024, NARRC paid cash dividends of $37,000 h. For store fixtures, NARRC uses the straight line depreciation method, over five years, with zero residual value