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More Info a. On January 1, 2018, MRRC issued no par common stock for $510,000. b. Early in January, MRRC made the following cash payments: 1. For store fixtures, $52,000 2. For merchandise inventory, $290,000 3. For rent expense on a store building, $15,000 c. Later in the year, MRRC purchased merchandise inventory on account for $236,000. Before year-end, MRRC paid $156,000 of this accounts payable. d. During 2018, MRRC sold 3,000 units of merchandise inventory for $325 each. Before year-end, the company collected 95% of this amount. Cost of goods sold for the year was $290,000, and ending merchandise inventory totaled $236,000. e. The store employs three people. The combined annual payroll is $84,000, of which MRRC still owes $6,000 at year-end. f. At the end of the year, MRRC paid income tax of $22,000. There are no income taxes payable. g. Late in 2018, MRRC paid cash dividends of $38,000. h. For store fixtures, MRRC uses the straight-line depreciation method, over five years, with zero residual value. Print Done Homework: Appendix C Homework Score: 0.22 of 1 pt PC-32A (similar to)