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 Fast's income statement for the year ended December 31, 2021. Use the single-step format, with all revenues listed together and all expenses together. Fast Motors, Inc. Income Statement Year Ended December 31, 2021 Revenue: Sales revenue 504000 Expenses: Cost of goods sold Salary expense 60000 Depreciation expense Rent expense Income tax expense 22000 Net income (loss) More info On January 1, 2021, Fast issued its common stock for $430,000. Early in January, Fast made the following cash payments: a. $160,000 for equipment b. $234,000 for inventory (six cars at $39,000 each) c. $18,000 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 seven autos for a total of $504,000. Before year-end, it had collected 90% of this amount. The business employs two people. The combined annual payroll is $60,000, of which Fast owes $11,000 at year-end. At the end of the year, the company paid income taxes of $22,000. Late in 2021, Fast declared and paid cash dividends of $13,000. For equipment, Fast uses the straight-line depreciation method, over five years, with zero residual value. Print Done