Chapter: CH16 ' Problem: 3gp ^ show all steps National Reserve Rare Coins (NRRC) was formed on January 1, 2015. Additional data for the year follows: a. On January 1, 2015, NRRC issued common stock for $525,000 b. Early in January, NRRC made the following cash payments: NRRC made the following cash payments CH16 38P CH16 40P 1. For store fixtures, $55,000 2. For merchandise inventory, $320,000 3. For rent expense on a store building, $17,000 c. Later in the year, NRRC purchased merchandise inventory on account for $244,000. Before year-end NRRC paid $164,000 of this account payable d. During 2015, NRRC sold 2,500 units of merchandise inventory for $400 each. Before year-end, the company collected 85% of this amount. Cost of goods sold for the year was $320,000, and ending merchandise inventory totaled $244,000. e. The store employs three people. The combined annual payroll is $80,000, of which NRRC still owes $3,000 at year-end. The combined annual p000