Please answer all requirements below:

0 Requirements - X 1. Prepare FRC'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 FRC's balance sheet at December 31, 2018. 3. Prepare FRC's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities by the direct method. Print Print Done Done More Info a. On January 1, 2018, FRC issued no par common stock for $400,000. b. Early in January, FRC made the following cash payments: 1. For store fixtures, $46,000 2. For merchandise inventory, $290,000 3. For rent expense on a store building, $20,000 c. Later in the year, FRC purchased merchandise inventory on account for $238.000 Before year-end, FRC paid $158,000 of this accounts payable. d. During 2018, FRC sold 2,900 units of merchandise inventory for $375 each. Before year-end, the company collected 80% of this amount. Cost of goods sold for the year was $290,000, and ending merchandise inventory totaled $238,000. e. The store employs three people. The combined annual payroll is $92,000, of which FRC still owes $2,000 at year-end. At the end of the year, FRC paid income tax of $19,000. There are no income taxes payable. g. Late in 2018, FRC paid cash dividends of $39,000 h. For store fixtures, FRC uses the straight-line depreciation method, over five years, with zero residual value. Print Done Homework: Appendix C Homework Save Score: 0 of 1 pt 4 of 4 (3 complete) HW Score: 40.73%, 1.63 of 4 pt PCA-36A (similar to) Question Help Frontier Rare Coins (ERC) 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 FRC'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. Frontier Rare Coins Income Statement Year Ended December 31, 2018 Revenue: Sales Revenue Expenses: Cost of Goods Sold Salaries and Wages Expense Income Tax Expense Depreciation Expense Rent Expense Total Expenses Net Income