Midwestem Reserve Rare Coins (MRRC) was formed on January 1, 2018. Additional data for the year follow: (Click the icon to view the data.) Read the requirements Requirement 4. Prepare MRRC's statement ot cash tiows using the indirect method tor the year ended December 31, 2018. (Use a minus sign or parentheses tor amounts that result in a decrease in cash. It a box is not used in the stater leave the box empty; do not select a label or enter a zero. Enter" a zero cash balance.) More Info Complete the statement one section at a time, beginning with the cash flows from operating activities. Midwestern Reserve Rare Coins Statement of Cash Flows On January 1, 2018, MRRC issued no par common stock for S500,000. a Year Ended December 31, 2018 b. Early in January, MRRC made the following cash payments: For store fixtures, $55,000 1 Cash Flows from Operating Activities: For merchandise inventory. $310,000 Net Income S19,000 MPRC urchased merchandise inventory on account for *** Adjustments to Reconcile Net Income to Net Cash c. Later in the v $235,000. Before year-end, MRRC paid $145,000 of this accounts payable. d. During 2018, MRRC sold 2.700 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 $310,000, and ending merchandise inventory totaled $235,000 Provided by (Used for) Operating Activities: combined annual payroll is $90,000, of which MRRC still owes $7,000 at year-end. f At the end of the year, MRRC paid income tax of $15,000. There are no income taxes payable. g. Late in 2018, 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. Net Cash Provided by (Used for) Operating Activities Print Done Choose from any list or enter any number in the input fields and then click Check