answer part 2

Fast Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (Click the icon to view the transactions.) Read the requirements. Requirement 1, Prepare Fasts income statement for the year ended December 31, 2021. Use the sing Requirement 2. Prepare Fast's balance sheet at December 31, 2021. On January 1,2021 , Fast issued its common stock for \\( \\$ 575,000 \\). Early in January, Fast made the following cash payments: a. \\( \\$ 200,000 \\) for equipment b. \\( \\$ 324,000 \\) for inventory (nine cars at \\( \\$ 36,000 \\) each) c. \\( \\$ 24,000 \\) for 2021 rent on a store building In February, Fast purchased four cars for inventory on account. The cost of this inventory was \\( \\$ 192,000 \\) ( \\( \\$ 48,000 \\) per car). Before year-end, the company paid off \\( \\$ 153,600 \\) of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Fast sold ten autos for a total of \\( \\$ 650,000 \\). Before year-end, it had collected \80 of this amount. The business employs six people. The combined annual payroll is \\( \\$ 150,000 \\), of which Fast owes \\( \\$ 12,000 \\) at year-end. At the end of the year, the company paid income taxes of \\( \\$ 13,000 \\). Late in 2021, Fast declared and paid cash dividends of \\( \\$ 18,000 \\). For equipment, Fast uses the straight-line depreciation method, over five years, with zero residual value. Fast Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (Click the icon to view the transactions.) Read the requirements. \\[ \\begin{array}{r} 13,000 \\\\ \\hline \\$ \\quad 51,000 \\\\ \\hline \\end{array} \\]