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Question Help vestern Reserve Rare Coins (MRRC) was formed on January 1, 2018. Additional data for the year follow (Click the icon to view the data.) 0 More Info ad the requirements. December 31, 2018 Assets Current Assets: Cash Liabilities Current Liabilities: Accounts Payable Salaries Payable 150.000 4,000 Accounts Receivable Merchandise Inventory Total Current Assets 260,000 Total Current Liabilities 154,000 a. On January 1, 2018, MRRC issued no par common stock for $525,000 b. Early in January, MRRC made the following cash payments: 1. For store fixtures, $55,000 2. For merchandise inventory, $280,000 3. For rent expense on a store building, $14,000 c. Later in the year, MRRC purchased merchandise inventory on account for $240,000. Before year-end, MRRC paid $150,000 of this accounts payable. d. During 2018, MRRC sold 3,100 units of merchandise inventory for $400 each Before year-end, the company collected 85% of this amount Cost of goods sold the year was $260,000, and ending merchandise inventory totaled $260,000 e. The store employs three people. The combined annual payroll is $80,000, of which MRRC still owes $4,000 at year-end. f. At the end of the year, MRRC paid income tax of $20,000. There are no income taxes payable. g. Late in 2018, MRRC paid cash dividends of $35,000 h. For store fixtures, MRRC uses the straight-line depreciation method, over five year with zero residual value Property. Plant, and Equipment: Rent Expense Store Fixtures Stockholders' Equity Common Stock Retained Earnings 525,000 855,000 55,000 69,000 Total Stockholders' Equity 1,380,000 Total Assets Total Liabilities and Stockholders' Equity Choose from any list or enter any number in the input fields and then click Check Answer. Print Done 4 parts 4 remaining Clear All Check Answer on