Midwest Reserve

Rare Coins

(MRRC)

was formed on

January

1,

2024.

Additional data for the year follow:

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the icon to view the transactions.)

Read the

requirements

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.

Requirement 1. Prepare

MRRC's

income statement for the year ended December 31,

2024.

Use the single-step format, with all revenues listed together and all expenses listed together.

- i More Info a. On January 1, 2024, MRRC issued no par common stock for $425,000 b. Early in January, MRRC made the following cash payments: 1. For store fixtures, $56,000 2. For merchandise inventory $240.000 3. For rent expense on a store building. $18,000 c. Later in the year MRRC purchased merchandise inventory on account for 5239,000. Before year-end. MRRC paid $139,000 of this accounts payable. d. During 2024 MRRC sold 2.800 units of merchandise inventory for $250 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 $209,000. e. The store employs three people. The combined annual payroll is $92,000. of which MRRC still owes $2,000 at year-end f. At the end of the year, MRRC paid income tax of $19,000. There are no income taxes payable. g. Late in 2024, MRRC paid cash dividends of $41,000 h. For store fixtures, MRRC uses the straight-line depreciation method over five years, with zero residual value Print Done lick Check Answer Clear All DLL PF14A-36A (similar to) Midwest Reserve Rare Coins (MRRC) was formed on January 1, 2024. Additional data for the year follow (Click the icon to view the transactions) Read the remonts Requirement 1. Prepare MRRC's income statement for the year ended December 31, 2024. Use the single-step format with Midwest Reserve Rare Coins Income Statement Year Ended December 31, 2024 More Info Revenue Expenses a. On January 1, 2024, MRRC issued b. Early in January, MRRC made the F 1. For store fixtures, 556,000 2. For merchandise inventory, 52 3. For rent expense on a store bu C. Later in the year MRRC purchased 5239,000. Before year-end, MRRCP d. During 2024. MRRC sold 2,800 units Before year-end, the company collect the year was $270,000, and ending e. The store employs three people. The MRRC slowes 2.000 at year-end f. At the end of the year, MRRC paid inc taxes payable 9. Latein 2024, MRRC paid cash divider h. For store foxtures, MRRC uses the stra with zero residual value Total Expenses Not Income Print Choose tromany to enter any number in the input fields and then click Check Answer 5 pas mang Pavers CN0022 027.121