North American Reserve Rare Coins (NARRC) was formed on January 1, 2018. Additional data for the year follow: (Click the icon to view the data.) Read the requirements. Requirement 3. Prepare NARRC's balance sheet at December 31, 2018. North American Reserve Rare Coins Balance Sheet December 31, 2018 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Total Current Assets Stockholders' Equity Property, Plant, and Equipment: Total Stockholders' Equity Total Assets Total Liabilities and Stockholders' Equity More Info a. On January 1, 2018, NARRC issued no par common stock for $550,000. b. Early in January, NARRC made the following cash payments: 1. For store fixtures, $56,000 2. For merchandise inventory, $310,000 3. For rent expense on a store building, $19,000 c. Later in the year, NARRC purchased merchandise inventory on account for $236,000. Before year-end, NARRC paid $156,000 of this accounts payable. d. During 2018, NARRC sold 2,800 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 $300,000, and ending merchandise inventory totaled $246,000. e. The store employs three people. The combined annual payroll is $90,000, of which NARRC still owes $2,000 at year-end. f. At the end of the year, NARRC paid income tax of $24,000. There are no income taxes payable. g. Late in 2018, NARRC paid cash dividends of $37,000. h. For store fixtures, NARRC uses the straight-line depreciation method, over five years, with zero residual value. Print Done