Please follow all requirements

American Rre Rare Coins (ARRC) was formed on January 1, 2018. Additional data for the year follow (Click the icon to view the data.) Read the requirements. Requirement 1. What is the purpose of the statement of cash flows? More Into The purpose of the statement of cash flows is a. On January 1, 2018, ARRC issued no par common stock for $475,DD0 b. Early in January, ARRC made the following cash payments: Requirements 1. 2. 3. Later in the year, ARRC purchased merchandise inventory on account for $237,000. Before year-end, ARRC paid $137 000 of this accounts payable. For store foxtures, $51,000 For merchandise inventory, 5320,000 For rent expense on a store building, $15,000 c. 1. What is the purpose of the statement of cash flows? 2. Prepare ARRC's income statement for the year ended December 31, 2018 d. During 2018, ARRC sold 2,100 units of merchandise inventory for $400 each Use the single-step format, with all revenues listed together and all expenses listed together Prepare ARRC's balance sheet at December 31, 2018. Prepare ARRC's statement of cash flows using the indirect method for the ear Before year-end the company collected 80% of this amount Cost of goods sold for the year was $310,000, and ending merchandise inventory totaled $247,0D0 3. 4. e. The store employs three people. The combined annual payroll is $88,000, of which f. At the end of the year, ARRC paid income tax of $20,000. There are no income g. Lat in 2018, ARRC paid cash dividends of 534,000 ARRC still owes $4,000 at year-end ended December 31, 2018. taxes payable PrintDone h. For store fixtures, ARRC uses the straight-line depreciation method, over five years with zero residual value