Question Help ing Stylistic Automobiles of Manitoba Ltd. was formed on January 1, 2020, when Stylistic issued common shares for $440,000 Early in January 2020, Stylistic made the following cash payments (Click the icon to view the transactions.) PDF Requirements chnic fiting Requirement 1. Prepare Stylistic Automobiles of Manitoba Lid.'s income statement for the year ended December 31, 2020. Use the single step format, with all Tevenues listed together and all expenses listed together (Round your answers to the nearest whole dollar) w Stylistic Automobiles of Manitoba, Ltd Income Statement RM PAP CIMINILO For the Year Ended December 31 2020 Revenue W Expenses Presentat Critique Choose tomoronto any number in blosunda de transactions.) Transactions stid lle - X Ingi como ncor ar End a. $180,000 for equipment b. $203,000 for inventory (seven cars at $29,000 each) c. $17,000 for 2020 rent on a store building In February 2020, Stylistic purchased two cars for inventory on account. Cost of this inventory was $80,000 ($40,000 each). Before year-end, Stylistic paid $48,000 of this debt Stylistic uses the FIFO method to account for inventory During 2020, Stylistic sold eight stylistic autos for a total of $488,000. Before year-end, Stylistic collected 90% of this amount. The business employs five people. The combined annual payroll is $125,000, of which Stylistic owes $8 000 at year end. At the end of the year, Stylistic paid income tax of $12.600 Late in 2020, Stylistic declared and paid cash dividends of $19.000. For equipment Stylistic uses the straight-line depreciation method over five years with zero residual value Print Done * Requirements - 1. Prepare Stylistic Automobiles of Manitoba Ltd.'s income statement for the year ended December 31, 2020. Use the single-step format, with all revenues listed together and all expenses listed together. 2. Prepare Stylistic's balance sheet at December 31, 2020 3. Prepak Stylistic's statement of cash flows for the year ended December 31, 2020. Format cash flows from operating activities by using the indirect method . Comment on the business performance based on the statement of cash flows 4. Print Done