National Reserve Rare Coins (NRRC) was formed on January 1, 20X1. Additional data for the year follows: a. On January 1, 20X1, NRRC issued common stock for $525,000. b. Early in January, NRRC made the following cash payments: 1. For store fixtures, $55,000 2. For merchandise inventory, $320,000 3. For rent expense on a store building, $17,000 c. Later in the year, NRRC purchased merchandise inventory on account for $244,000. Before year-end, NRRC paid $164,000 of this account payable. d. During 20X1, NRRC sold 2,500 units of merchandise inventory for $400 each. Before year-end, the company collected 85% of this amount. Cost of goods sold for the year was $320,000, and ending merchandise inventory totaled $244,000. e. The store employs three people. The combined annual payroll is $80,000, of which NRRC still owes $3,000 at year-end. f. At the end of the year, NRRC paid income tax of $20,000. There was no income taxes payable. g. Late in 20X1, NRRC paid cash dividends of $39,000. h. For store fixtures, NRRC uses the straight-line depreciation method, over five years, with zero residual value. Prepare NRRC's statement of cash flows using the indirect method for the year ended December 31, 20X1. +BIEE88