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On January $1,2021,$ Classic issued its common stock for $$350,000.$ Early in January, Classic made the following cash payments

a$.$ $$150,000$ for equipment

b$.$ $$125,000$ for inventery $($five cars at $$25,000$ each$)$

c$.$ $$25,000$ for $2021$ rent on a store building

In February, Classic purchased six cars for inventory on account. The cost of this inventory was $$282,000($ $$47,000$ per car$).$ Before year$-$end, the company paid off $$225,[00$ of this debt. The company uses the first$-$in$,$ first$-$out $($FIFO$)$ method to accou for its inventory

During $2021,$ Classic sold six autos for a total of $$426,000.$ Before year$-$end, it had collected $80\%$ of this amount.

The business employs three people. The combined annual payroll is $$90,000,$ of which Classic owes $$3,000$ at year$-$end. At the end of the year, the company paid ince taxes of $$14,000.$

Late in $2021,$ Classic declared and paid cash dividends of $$17,000.$

For equipment, Classic uses the straight$-$line depreciation method, over five years with zero residual value.