More Info On January 1, 2016, Antique issued its common stock for $575,000. Early in January, Antique made the following cash payments: a. $200,000 for equipment b. $324,000 for inventory (nine cars at $36,000 each) c. $24,000 for 2016 rent on a store building In February, Antique purchased four cars for inventory on account. Cost of this inventory was $192,000 ($48,000 each). Before year-end, Antique paid $134,400 of this debt. The company uses the first-in, first-out (FIFO) method to account for inventory. During 2016, Antique sold 10 autos for a total of $650,000. Before year-end, it had collected 50% of this amount. The business employs, six people. The combined annual payroll is $150,000, of which Antique owes $6,000 at year-end. At the end of the year, Antique paid income tax of $13,000. Late in 2016, Antique declared and paid cash dividends of $16,000. For equipment, Antique uses the straight-line depreciation method, over five years, with zero residual value. 2016 Antique Motors, Inc., was formed on January 1, 2016. The follow Click the icon to view the transactions.) Read the requirements. er 31, 2016. Use the single-step format, with all revenues listed og Requirement 1. Prepare Antique Motors, Inc.'s, income statement Antique Motors, Inc. Year Ended December 31, 2016 Revu Sales revenue Expenses i Requirements 1. Prepare Antique Motors, Inc.'s, income statement for the year ended December 31, 2016. Use the single-step format, with all revenues listed together and all expenses together. Prepare Antique's balance sheet at December 31, 2016. Prepare Antique's statement of cash flows for the year ended December 31, 2016. Format cash flows from operating activities by using the indirect method. Print Done