National Reserve Rare Coins (NRRC) was formed on January 1, 2018. Additional data for the year follow: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare NRRC's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses listed together. National Reserve Rare Coins Income Statement Year Ended December 31, 2018 Requirements - X Revenue: Expenses: 1. Prepare NRRC's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses listed together. 2. Prepare NRRC's balance sheet at December 31, 2018. 3. Prepare NRRC's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities by the direct method. Print Done Total Expenses Net Income More Info a. On January 1, 2018, NRRC issued no par common stock for $575,000 b. Early in January, NRRC made the following cash payments: 1. For store fixtures, $49,000 2. For merchandise inventory, $330,000 3. For rent expense on a store building, $18,000 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 2018, NRRC sold 2,500 units of merchandise inventory for $350 each. Before he company collected 95% of this amount. Cost of goods sold for the year was $260,000, and ending merchandise inventory totaled $308,000. e. The store employs three people. The combined annual payroll is $84,000, of which NRRC still owes $7,000 at year-end. f. At the end of the year, NRRC paid income tax of $19,000. There are no income taxes payable. g. Late in 2018, NRRC paid cash dividends of $37,000. h. For store fixtures, NRRC uses the straight-line depreciation method, over five years, with zero residual value. Print Done