Midwestem Reserve Rare Coins (MRRC) was formed on January 1, 2018. Additional data for the year follow: (Click the lcon view the data. More Info Read the requirements INEL ncome Requirement 3. Prepare MRRC's balance sheet at December 31, 2018. a. On January 1, 2018, MRRC issued no par oommon stock for $500,000 Midwestern Reserve Rare Coins January, MRRC made the following cash payments: . Early For store fixtures, S55,000 Balance Sheet 1. 2. For merchandise inventory, S310,000 For rent expense on a store building, $19,000 December 31, 2018 3. Assets Liabilities c. Later in the year, MRRC purchased merchandise inventory on account for Current Liabilities: Current Assets: e d 2 700 s accounts paya ach o'esze w d Before year-end, the company collected 80% of this amount. Cost of goods sold for the year was $310,000, and ending merchandise inventory totaled S235,000. e. The store employs three people. The combined annual payroll is $90,000, MRRC still owes $7,000 at year-end. which Total Current Liabilities Total Current Assets f. At the end of the year, MRRC paid income tax of $15,000. There are no income Stockholders' Equity g. Late in 2018, MRRC paid cash dividends of S41,000. Property, Plant, and Equipment: h. For store fixtures, MRRC uses the straight-line depreciation method, over five years, with zero residual value., Total Stockholders' Equity Print Done Total Assets Total Liabilities and Stockholders Equity Choose from any list or enter any number n the input fields and then click Check