Frontier Rare Coins (FRC) was formed on January 1, 2024. Additional data for the year follow: i. (Click the icon to view the data.) Read the requirements. More info Net Income Requirement 3. Prepare FRC's balance sheet at December 31, 2024. a. On January 1, 2024, FRC issued no par common stock for $525,000. b. Early in January, FRC made the following cash payments: 1. For store fixtures, $51,000 2. For merchandise inventory, $320,000 3. For rent expense on a store building, $16,000 Requirements c. Later in the year, FRC purchased merchandise inventory on account for $237,000. Before year-end, FRC paid $137,000 of this accounts payable. d. During 2024, FRC sold 2,900 units of merchandise inventory for $350 each. Before year-end, the company collected 80% of this amount. Cost of goods sold for the year was $270,000, and ending merchandise inventory totaled $287,000. e. The store employs three people. The combined annual payroll is $97,000, of which FRC still owes $7,000 at year-end. f. At the end of the year, FRC paid income tax of $24,000. There are no income taxes payable. 3. Prepare FRC's balance sheet at December 31, 2024. 4. Prepare FRC's statement of cash flows using the indirect method for the year ended December 31, 2024. g. Late in 2024 , FRC paid cash dividends of $35,000. h. For store fixtures, FRC uses the straight-line depreciation method, over five years, with zero residual value