More info On January 1, 2021, Vintage issued its common stock for $440,000. Early in January, Vintage made the following cash payments: a. $180,000 for equipment b. $203,000 for inventory (seven cars at $29,000 each) c. $17,000 for 2021 rent on a store building In February, Vintage purchased two cars for inventory on account. The cost of this inventory was $80,000 ( $40,000 per car). Before year-end, the company paid off $40,000 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Vintage sold eight autos for a total of $488,000. Before year-end, it had collected 70% of this amount. The business employs five people. The combined annual payroll is $125,000, of which Vintage owes $9,000 at year-end. At the end of the year, the company paid income taxes of $12,600. Late in 2021, Vintage declared and paid cash dividends of $19,000. For equipment, Vintage uses the straight-line depreciation method, over five years, with zero residual value. Vintage Motors, Inc, was formed on Jantiary 1, 2021. The following transactlons occurred during 2021: (i) (Cick the icon to view the franiactions.) Read the coouirements Requilement 2. Prepare Vintigo y balance nheet at December 31, 2021 . Motors, Inc., was formed on January 1,2021. The foliowing transactions occurred during 2021: ich the icon to vilew the transocetionely he requitements