More info a. On January 1, 2024, CRRC issued no par common stock for $425,000. b. Early in January, CRRC made the following cash payments: 1. For store fixtures, $52,000 2. For merchandise inventory, $240,000 3. For rent expense on a store building, $17,000 c. Later in the year, CRRC purchased merchandise inventory on account for $245,000. Before year-end, CRRC paid $165,000 of this accounts payable. d. During 2024, CRRC 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 $260,000, and ending merchandise inventory totaled $225,000. e. The store employs three people. The combined annual payroll is $84,000, of which CRRC still owes $5,000 at year-end. f. At the end of the year, CRRC paid income tax of $20,000. There are no income taxes payable. g. Late in 2024, CRRC paid cash dividends of $36,000. h. For store fixtures, CRRC uses the straight-line depreciation method, over five years, with zero residual value. Print Done