Requirement 1. Prepare Stylistic Motors, Inc. 's, income statement for the year ended December 31, 2016. Use the single-step format, with all revenues listed together and all expenses together Stylistic Motors, Inc. Income Statement Year Ended December 31, 2016 Revenue Expenses Choose from any list or enter any number in the input fields and then click Check Answer parts remaining Clear All More Info On January 1, 2018, Retro issued its common stock for $510,000. Early in January Retro made the following cash payments a. $220,000 for equipment b. $243,000 for inventory (nine cars at $27,000 each) c. $25,000 for 2018 rent on a store building In February, Retro purchased three cars for inventory on account. The cost of this inventory was $117,000 (39,000 per ca) Before year-end, the company paid off $46,800 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory During 2018, Retro sold eleven autos for a total of $649,000. Before year-end, it hacd collected 70% of this amount. The business employs two people. The combined annual payroll is $151,000, of which Retro owes $6,000 at year-end. At the end of the year, the company paid income taxes of $22,000 Late in 2018, Retro declared and paid cash dividends of $10,000 For equipment, Retro uses the straight-line depreciation method, over five years, with zero residual value PrintDone 1 Requirements 1. Prepare Retro'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 Retro's balance sheet at December 31, 2018 3. Prepare Retro's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities using the indirect method. Print Done