Read the requirements. Requirement 3. Prepare NARRC's balance sheet at December 31, 2016. North American Reserve Rare Coins Balance Sheet 4 of 6 (6 complete) Data Table a. On January 1, 2016, NARRC issued no par common stock for $525,000 b. Early in January, NARRC made the following cash payments: 1. For store fixtures, $50,000 2. For merchandise inventory, $310,000 3. For rent expense on a store building, $15,000 c. Later in the year, NARRC purchased merchandise inventory on account $239,000. Before year-end, NARRC paid $159,000 of this account payable During 2016, NARRC sold 2,800 units of merchandise inventory for S275 each Before year-end, the company collected 85% of this amount. Cost of goods sold for the year was $300,000, and ending merchandise inventory totaled $249,000 d. e. The store employs three people The combined annual payrollis $92 000 of which f. At the end of the year, NARRC paid income tax of $21,000. There are no income g. Late in 2016, NARRC paid cash dividends of $34,000 NARRC still owes $4,000 at year-end taxes payable h. For store fixtures, NARRC uses the straight-line depreciation method over five years, with zero residual value PrintDone