med on January 1, 2021. The following transactions occurred during 2021: e transactions.) age's income statement for the y tage Motors, Inc. come Statement led December 31, 2021 More info On January 1, 2021, Vintage issued its common stock for $575,000. Early in January, Vintage made the following cash payments: a. $200,000 for equipment b. $324,000 for inventory (nine cars at $36,000 each) c. $24,000 for 2021 rent on a store building In February, Vintage purchased four cars for inventory on account. The cost of this inventory was $192,000 ($48,000 per car). Before year-end, the company paid off $153,600 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Vintage sold ten autos for a total of $650,000. Before year-end, it had collected 80% of this amount The business employs six people. The combined annual payroll is $150,000, of which Vintage owes $2,000 at year-end. At the end of the year, the company paid income taxes of $13,000. Late in 2021, Vintage declared and paid cash dividends of $11,000. For equipment, Vintage uses the straight-line depreciation method, over five years, with zero residual value. age's balance sheet at Decembe Vinta00 Print Done ogether.