American Reserve Rare Coins (ARRC) was formed on January 1, 2018. Additional data for the year follow: (Click the icon to view the data.) Read the requirements. Total Expenses Net Income $ 284,700 Requirement 3. Prepare ARRC's balance sheet at December 31, 2018. Assets Current Assets: Cash Accounts Receivable Store Fixtures Total Current Assets Property, Plant, and Equipment: Store Fixtures Less: Accumulated Depreciation American Reserve Rare Coins Balance Sheet December 31, 2018 More Info a. On January 1, 2018, ARRC issued no par common stock for $550,000. b. Early in January, ARRC made the following cash payments: Liabilities Current Liabilities: Accounts Payable Salaries Payable Total Current Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity 1. For store fixtures, $54,000 2. For merchandise inventory, $300,000 3. For rent expense on a store building, $21,000 c. Later in the year, ARRC purchased merchandise inventory on account for $235,000. Before year-end, ARRC paid $135,000 of this accounts payable. d. During 2018, ARRC sold 2,100 units of merchandise inventory for $325 each. Before year-end, the company collected 85% of this amount. Cost of goods sold for the year was $260,000, and ending merchandise inventory totaled $275,000. e. The store employs three people. The combined annual payroll is $86,000, of which ARRC still owes $2,000 at year-end. f. At the end of the year, ARRC paid income tax of $20,000. There are no income taxes payable. g. Late in 2018, ARRC paid cash dividends of $40,000. h. For store fixtures, ARRC uses the straight-line depreciation method, over five years, with zero residual value. Total Assets Total Liabilities and Stockholders' Equity Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining Clear All Print Done Check Answer