Requirement 1. Prepare Fast's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses together. Fast Motors, Inc. More Info Income Statement Year Ended December 31, 2018 Revenue: Sales revenue 488000 Expenses: Cost of goods sold Salary expense Depreciation expense Rent expense On January 1, 2018, Fast issued its common stock for $440,000. Early in January, Fast made the following cash payments: a. $180,000 for equipment b. $203,000 for inventory (seven cars at $29,000 each) c. $17,000 for 2018 rent on a store building In February, Fast purchased two cars for inventory on account. The cost of this inventory was $80,000 ($40,000 per car). Before year-end, the company paid off $56,000 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2018, Fast sold eight autos for a total of $488,000. Before year-end, it had collected 40% of this amount. The business employs five people. The combined annual payroll is $125,000, of which Fast owes $2,000 at year-end. At the end of the year, the company paid income taxes of $12,600 Late in 2018, Fast declared and paid cash dividends of $11,000. For equipment, Fast uses the straight-line depreciation method, over five years, with zero residual value. Income tax expense Net income (loss) - X Requirements Print Done 1. Prepare Fast's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses together. 2. Prepare Fast's balance sheet at December 31, 2018 3. Prepare Fast's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities using the indirect method