HW Score: 0%, 0 of 2 pts Question Help ng Score: 0 of 1 pt 2 of 2 (0 complete) P16A-36A (similar to) Official Reserve Rare Coins (ORRC) was formed on January 1, 2016. Additional data for the year follow: (Click the icon to view the transactions.) Read the requirements More Info Requirement 1. Prepare ORRC's income statement for the year ended D expenses listed together. Official Reserve Rare Coins Income Statement Year Ended December 31, 2016 Revenue: Expenses: a. On January 1, 2016, ORRC issued no par common stock for $400,000 b. Early in January, ORRC made the following cash payments: 1. For store fixtures, $55,000 2. For merchandise inventory, $350,000 3. For rent expense on a store building. $21,000 c. Later in the year. ORRC purchased merchandise inventory on account for $245,000. Before year-end, ORRC paid $165,000 of this account payable. d. During 2016, ORRC sold 2,000 units of merchandise inventory for $325 each. Before year-end, the company collected 85% of this amount Cost of goods sold for the year was $280,000, and ending merchandise inventory totaled $315,000 e. The store employs three people. The combined annual payroll is $80,000, of which ORRC stilowes $7,000 at year-end. 1. At the end of the year, ORRC paid income tax of $17,000. There are no income taxes payable. g. Late in 2016, ORRC paid cash dividends of $38,000. h. For store foxtures, ORRC uses the straight-line depreciation method, over five years, with zero residual value. Total Expenses Net Income Choose from any list or enter any number in the input fields and then Print Dono 5 parts remaining Clear All Check Answer 22 A 30 FS FT S % & 3 5 6 7 8 9