National Reserve Rare Coins (NRRC) was formed on January 1, 2024. Additional data for the year follow Click the icon to view the data) Read the requirements Requirement 1. What is the purpose of the statement of our flows? The purpose of the statement of cash News is to show where cash came from and how cash was spent during the period. Requirement 2. Prepare NRRC's income statement for the year ended December 31, 2024. Use the single-step format, with all revenues listed together and at expenses inted together. National serve Rare Coins Income Statement Year Ended December 31, 2024 Revenue Sales Revenue Expenses Cost of Goods Sold Salaries and Wages Expense Income Tax Expense Rent Expense Depreciation Expense Total Expenses Net Income i More Info a. On January 1, 2024, NRRC issued no par common stock for $425,000. 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, $13,000 c. Later in the year, NRRC purchased merchandise inventory on account for $238,000. Before year-end, NRRC paid $158,000 of this accounts payable. d. During 2024, NRRC sold 2,900 units of merchandise inventory for $200 each. Before year-end, the company collected 85% of this amount. Cost of goods sold for the year was $270,000, and ending merchandise inventory totaled $288,000. e. The store employs three people. The combined annual payroll is $86,000, of which NRRC still owes $5,000 at year-end. f. At the end of the year, NRRC paid income tax of $15,000. There are no income taxes payable. g. Late in 2024, NRRC paid cash dividends of $41,000. h. For store fixtures, NRRC uses the straight-line depreciation method, over five years, with zero residual value. * Requirements 1. 2. What is the purpose of the statement of cash flows? Prepare NRRC's income statement for the year ended December 31, 2024. Use the single-step format, with all revenues listed together and all expenses listed together. Prepare NRRC's balance sheet at December 31, 2024. Prepare NRRC's statement of cash flows using the indirect method for the year ended December 31, 2024. 3. 4. Print Done