Classic Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: Click the icon to view the transactions.) Read the requirements. Year Ended December 31, 2021 Revenue: Sales revenue $ 649,000 Expenses: Cost of goods sold 321,000 Rent expense 25,000 Salary expense 151,000 Depreciation expense 44,000 Income tax expense 22.000 Net income (loss) $ 86,000 Requirement 2. Prepare Classic's balance sheet at December 31, 2021. Classic Motors, Inc. Balance Sheet December 31, 2021 Liabilities Current assets: Current liabilities: Cash Assets 194700 Accounts receivable Inventory Total current assets Stockholders' equity Property, plant, and equipment: Less: II IM Classic Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: i (Click the icon to view Read the requirements. Requirements Year Revenue: 1. Prepare Classic's income statement for the year ended December 31, 2021. Sales revenue Use the single-step format, with all revenues listed together and all expenses together Expenses: 2. Prepare Classic's balance sheet at December 31, 2021. Cost of goods 3. Prepare Classic's statement of cash flows for the year ended December 31, Rent expense 2021. Format cash flows from operating activities using the indirect method. Salary expense Depreciation ex Income tax expl Print Done Net income (loss) Requirement 2. Prepare clasy More Info Assets Current assets: Cash Accounts receivable Inventory Total current assets On January 1, 2021, Classic issued its common stock for $510,000. Early in January, Classic made the following cash payments: a. $220,000 for equipment b. 5243,000 for inventory (nine cars at $27,000 each) c. $25,000 for 2021 rent on a store building In February, Classic purchased three cars for inventory on account. The cost of this inventory was $117.000 (539,000 per car). Before year-end, the company paid off $46,800 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory During 2021, Classic sold eleven autos for a total of 5649,000. Before year-end, it had collected 70% of this amount. The business employs two people. The combined annual payroll is $151,000, of which Classic owes $11,000 at year-end. At the end of the year, the company paid income taxes of $22,000. Late in 2021, Classic declared and paid cash dividends of $10,000 For equipment, Classic uses the straight-line depreciation method, over five years, with zero residual value. Property, plant, and equipmer Less: Print Done Calculator Print neck