Prepare a balance sheet and statement of cash flow.

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More Info On January 1, 2016, Stylistic issued its common stock for $430,000. Early in January Stylistic made the following cash payments a. $160,000 for equipment b. $234,000 for inventory (six cars at $39,000 each) c. $18,000 for 2016 rent on a store building list In February, Stylistic purchased four cars for inventory on account. Cost of this inventory was $192,000 ($48,000 each). Before year-end, Stylistic paid $76,800 of this debt. The company uses the first-in, first-out (FIFO) method to account for inventory. During 2016, Stylistic sold7 autos for a total of $504,000. Before year-end, it had collected 80% of this amount. The business employs two people. The combined annual payroll is $60,000, of which Stylistic owes $2,000 at year-end. At the end of the year, Stylistic paid income tax of $22,000. Late in 2016, Stylistic declared and paid cash dividends of $13,000. For equipment, Stylistic uses the straight-line depreciation method, over five years, with zero residual value Print Done Requirement 2. Prepare Stylistic's balance sheet at December 31, 2016 Stylistic Motors, Inc. Balance Sheet December 31, 2016 Assets Liabilities Current assets: Current liabilities in Stockholders' equity Property, plant, and equipment: Less: Requirement 3. Prepare Stylistic's statement of cash flows for the year ended December 31, 2016. Format cash flows from operating activities by using the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash. Enter "O for zero balances) Stylistic Motors, Inc. Statement of Cash Flows (Indirect Method Year Ended December 31, 2016 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by (used for) operating activities