fd i - X More Info On January 1, 2016, Vintage issued its common stock for $575.000. Early in January Vintage made the following cash payments a. $200,000 for equipment b. $324,000 for inventory (nine cars at $36,000 each) c. $24,000 for 2016 rent on a store building Vi s t even In February, Vintage purchased four cars for inventory on account Cost of this inventory $192,000 ($48,000 each). Before year-end, Vintage paid $76.800 of this debt. The company uses the first-in, first-out (FIF0) method to account for inventory During 2016. Vintage sold 10 autos for a total of $650,000. Before year-end, it had collected 70% of this amount. The business employs six people. The combined annual payroll is $150,000, of which Vintage owes $3,000 at year-end. At the end of the year Vintage paid income tax of $13.000. Late in 2016, Vintage declared and paid cash dividends of $10,000 For equipment. Vintage uses the straight-line depreciation method, over five years, with zero residual value was ear en Print Done are Vi i - Xwith all Requirements ses to Prepare Vintage's income statement for the year ended December 31, 2016 Use the single-step format, with all revenues listed together and all expenses together. Prepare Vintage's balance sheet at December 31, 2016 3 1. Year 2. Prepare Vintage's statement of cash flows for the year ended December 31, 2016. Format cash flows from operating activities by using the direct method. Done Print or ent Vintage Motors Inc was formed on January 1, (Cick the icon to view the transadions) 2016 The following transactions occurmed dring 2016 Read the roquiements Requirement 1. Prepare Vintage's income stalement for the year endad Decenber 31 2016 Use the single-stap format, with all revenes listed together and all expenses together Vintage Motors, Inc Income Statement Year Ended December 31, 2016 Revenue Expenses Choose from any ist or enter any number in the input telds and then contiue to the next guestions