Fast Motors, Inc, was formed on January 1, 2021. The following transactions occurned during 2021: (i) (Cick the icon to view the transactions) Penad the trevirements. Requlrement 1. Prepare Fasts income stalement for the year ended December 31, 2021. Use the single-slep lormat, with all revenupes listod together and all expenses together. Mohe info On danuary 1, 2021, Fast issued its comenon slock for $440.000. Earty in January, Fast made the following cash payments: a. $180,000 for equipment b. $203.000 for inventory (seven cars at $29.000 each) c, $17,000 for 2021 rent on a store bulding In Fobruary, Fast purchased two cars for inventory on account. The cost of this imvemtory was $60,000 ( $40,000 per car). Before year-end, the compery paid ott $56.000 of this debt. The company uses the firstin, first-out (FFFO) method to account for its inventog. During 2021, Fast sold eight ausos for a total of $488,000. Before year-end, it had collected 90% of this amount. The business employs tive people. The combined annual payroll is $125,000, of which Fast ewsos $2.000 at year-ond. At the ond of the year, the company paid income takes of $12.600 Late in 2021, Fast declared and paid cash dividends of $12,000. For eeupment, Fast uses the straight-ine depreciation method, over five years, with zero rosidual value