Learning Objectives 1, 2 2 Net Income $266,400 4 Net Cash Used by Op Act $(48,000) American Rare Coins (ARC) was formed on January 1, 2018 Additional data for the year follow On January 1, 2018, ARC issued no par common stock for $450,000 Early in January, ARC made the following cash payments 1 For store fixtures, $53,000 2 For merchandise inventory, $340,000 3 For rent expense on a store building, $20,000 Later in the year, ARC purchased merchandise inventory on account for $239,000 Before year