More info a. On January 1, 2024, FRC issued no par common stock for $475,000. b. Early in January, FRC made the following cash payments: 1. For store fixtures, $47,000 2. For merchandise inventory, $280,000 3. For rent expense on a store building, $12,000 c. Later in the year, FRC purchased merchandise inventory on account for $240,000. Before year-end, FRC paid $150,000 of this accounts payable. d. During 2024, FRC sold 3,100 units of merchandise inventory for $325 each. Before year-end, the company collected 80% of this amount. Cost of goods sold for the year was $270,000, and ending merchandise inventory totaled $250,000. e. The store employs three people. The combined annual payroll is $80,000, of which FRC still owes $2,000 at year-end. f. At the end of the year, FRC paid income tax of $19,000. There are no income taxes payable. g. Late in 2024, FRC paid cash dividends of $43,000. h. For store fixtures, FRC uses the straight-line depreciation method, over five years, with zero residual value. hed Earnings Print Done X