Antique Motors, Inc., was formed on January 1, 2018. The following transactions occurred during 2018 (Click the icon to view the transactions.) Read the requirements 0 More Info Requirement 1. Prepare Antique's income statement for the all expenses together. Antique Motors, Inc. Income Statement Year Ended December 31, 2018 Revenue: Expenses On January 1, 2018, Antique issued its common stock for $350,000. Early in January Antique made the following cash payments a. $150,000 for equipment b. $125,000 for inventory (five cars at $25,000 each) c. $25,000 for 2018 rent on a store building In February, Antique purchased six cars for inventory on account. Cost of this inventory was $282,000 ($47,000 each). Before year-end, the company paid off $84,600 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2018, Antique sold six autos for a total of $426,000. Before year-end, it had collected 50% of this amount. The business employs three people. The combined annual payroll is $90,000, of which Antique owes $3,000 at year-end. At the end of the year, the company paid income taxes of $14,000. Late in 2018, Antique declared and paid cash dividends of $15,000. For equipment, Antique uses the straight-line depreciation method, over five years, with zero residual value. Print Done Requirement 2. Prepare Antique's balance sheet at December 31, 2018 Antique Motors, Inc. Balance Sheet December 31, 2018 Requirement 1. Prepare Antique's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses together. Antique Motors, Inc. Income Statement Year Ended December 31, 2018 Revenue: Expenses: Requirement 2. Prepare Antique's balance sheet at December 31, 2018. Antique Motors, Inc. Balance Sheet December 31, 2018 Assets Liabilities Current assets: Current liabilities: Stockholders' equity Property, plant, and equipment: Less: Requirement 3. Prepare Antique's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities using the direct method. (L Antique Motors, Inc. Statement of Cash Flows (Direct Method) Year Ended December 31, 2018 Cash flows from operating activities: Cash payments: Total cash payments Net cash provided by (used for) operating activities Cash flows from investing activities: Net cash provided by (used for) investing activities Cash flows from financing activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash