Please help with this question and the following requirements, Thank you!

Score: 0 of 5 pts 4 of 5 (0 complete) HW Score: 0%, 0 of 20 pts P14-32A (similar to) A Question Help 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 x More Info Requirement 1. What is the purpose of the statement of cash flows? The purpose of the statement of cash flows is to report the financial position of the company to report the results of operations for the period. to show how net income was calculated. to show where cash came from and how cash was spent during the period. to show where the change in Retained Earnings came from 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, $50,000 2. For merchandise inventory, $300,000 3. For rent expense on a store building, $14,000 c. Later in the year, NARRC purchased merchandise inventory on account for $236,000. Before year-end, NARRC paid $146,000 of this accounts payable. d. During 2018, NARRC sold 2,300 units of merchandise inventory for $325 each. Before year-end, the company collected 80% of this amount. Cost of goods sold for the year was $260,000, and ending merchandise inventory totaled $276,000. e. The store employs three people. The combined annual payroll is $84,000, of which NARRC still owes $4,000 at year-end. f. At the end of the year, NARRC paid income tax of $18,000. There are no income taxes payable. g. Late in 2018, NARRC paid cash dividends of $40,000 h. For store fixtures, NARRC uses the straight-line depreciation method, over five years, with zero residual value. Print Done Click to select your answer(s) and then click Check