need parts 2 and 3 done

Requirements 1. Prepare Fast's income statement for the year ended December 31, 2021. Use the single-step format, with all revenues listed together and all expenses together. 2. Prepare Fast's balance sheet at December 31,2021. 3. Prepare Fast's statement of cash flows for the year ended December 31 , 2021. Format cash flows from operating activities using the indirect method. Fast Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (Click the icon to view the transactions.) Read the tequirements. More info Requlrement 1. Prepare Fasrs income statement for the year ended December: On January 1, 2021, Fast issued its common stock for 3440,000 . Eorly in danuary. Fast made the following cash payments: a. $180,000 for equipment b. $203,000 for inventory (soven cars at $29,000 each) c. $17,000 for 2021 rent on a store bulding In February. Fast purchased two cars for inventory on acecunt. The cost of this inventory was $80.000 (\$40,000 per car). Before year-end, the company paid off $56,000 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Fast sold eight autos for a total of \$4ab,000. Before year-end, it had collected 90% of this amount. The businest employs five people. The combined annual payroll is $125,000, of which Fast owes $2,000 at yoar-end. At the end of the year, the company paid income taxes of $12.600. Late in 2021, Fast declared and paild cach dividends of $12,000. For equipment, Fast uses the straight-line depreciation method, over five years, with zero residual value. Requirement 2. Prepare Fast's balance sheet at December 31, 2021