More info a. On January 1, 2024, ARRC issued no par common stock for $525,000. b. Early in January, ARRC made the following cash payments: 1. For store fixtures, $55,000 2. For merchandise inventory, $280,000 3. For rent expense on a store building, $21,000 c. Later in the year, ARRC purchased merchandise inventory on account for $235,000. Before year-end, ARRC paid $155,000 of this accounts payable. d. During 2024, ARRC sold 2,700 units of merchandise inventory for $200 each. Before year-end, the company collected 85% of this amount. Cost of goods sold fom the year was $260,000, and ending merchandise inventory totaled $255,000. e. The store employs three people. The combined annual payroll is $97,000, of which ARRC still owes $5,000 at year-end. f. At the end of the year, ARRC paid income tax of $19,000. There are no income taxes payable. g. Late in 2024, ARRC paid cash dividends of $42,000. h. For store fixtures, ARRC uses the straight-line depreciation method, over five years, with zero residual value.