I am stuck on creating the single step Income Statement. I have Chegg Study and it hve the step-by-step solution on it, but none of the photos are showing.

of cash flows ditional data for the P16-32A Identifying the purpose and preparing the statem serican Rare Coins (ARC) was formed on January 1, 2018. Additiona year follow: . On January 1, 2018, ARC issued no par common stock for $450,000 b. Early in January, ARC made the following cash payments: indirect method 1. For store fixtures, $53,000 2. For merchandise inventory, $340,000 3. For rent expense on a store building, $20,000 t for $239 p00 c. Later in the year, ARC purchased merchandise inventory on account Before year-end, ARC paid $139,000 of this accounts payable. $275 ca st of goods d. During 2018, ARC sold 2,400 units of merchandise inventory for each Before year-end, the company collected 85% of this amount. Co sold for the year was $250,000, and ending merchandise inventory totaled $329,000. e. The store employs three people. The combined annual payroll is $96,000, of which f. At the end of the year, ARC paid income tax of $17,000. There are no income g Late in 2018, ARC paid cash dividends of $44,000. ARC still owes $3,000 at year-end. taxes payable. h. For store fixtures, ARC uses the straight-line depreciation method, over five years, with zero residual value. Requirements 1. What is the purpose of the statement of cash flows? 2. Prepare ARC's income statement for the year ended December 31,2 single-step format, with all revenues listed together and all expenses listed togs 3. Prepare ARC's balance sheet at December 31,2018. 2018. Use the 4. Prepare ARC's statement of cash flows using the indirect method for the ye ended December 31, 2018