Prepare CRRC?'s balance sheet at December? 31,2016.

a. On January 1, 2016, CRRC issued no par common stock for $425,000. b. Early in January, CRRC made the following cash payments: 1. For store fixtures, $49,000 2. For merchandise inventory, $290,000 3. For rent expense on a store building, $14,000 c. Later in the year, CRRC purchased merchandise inventory on account for $234,000 Before year-end, C RRC paid $154,000 of this account payable d. During 2016, CI sold 2,500 units of merchandise inventory for $250 each. Before RRC year-end, the company collected 85% of this amount. Cost of goods sold for the year was $290,000, and ending merchandise inventory totaled $234,000. e. The store employs three people. The combined annual payroll is $97,000, of which CRRC still owes $5,000 at year-end. f. At the end of the ear, CRRC paid income tax of $21,000. There are n ncome taxes payable g. Late in 2016, CI paid cash dividends of $34,000 RRC h. For store fixtures, CRRC uses the straight-line depreciation method, over five years with zero residual value