Requirements 1. Prepare Retro's income statement for the year ended December 31, 2021. Use the single-step format, with all revenues listed together and all expenses together. 2. Prepare Retro's balance sheet at December 31, 2021. 3. Prepare Retro's statement of cash flows for the year ended December 31 . 2021. Format cash flows from operating activities using the indirect method. On January 1, 2021, 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 2021 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 car). 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 2021, Retro sold eleven autos for a total of $649,000. Before year-end, it had 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 2021, Retro declared and paid cash dividends of $18,000. For equipment, Retro uses the straight-line depreciation method, over five years. with zero residual value. Requirement 1. Prepare Retro's income statement for the year ended December 31, 2021. Use the single-step format, with all revent Retro Motors, Inc. Income Statement Year Ended December 31, 2021 Revenue: Expenses: Requirement 2. Prepare Retro's balance sheet at December 31, 2021. Retro Motors, Inc. Balance Sheet December 31,2021 Assets Current assets: Property, plant, and equipment: Less: Liabilities Current liabilities: Stockholders' equity Requirement 3. Prepare Retro's statement of cash flows for the year ended December 31, 2021. Forn Retro Motors, Inc. Statement of Cash Flows (Indirect Method) Year Ended December 31, 2021 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities: [ [ Net cash provided by (used for) operating activities Cash flows from investing activities: [ Net cash provided by (used for) investing activities Cash flows from financing activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash [