Resort Furniture, Ltd., a furniture store, was formed on 1 January 20X8, when Resort Furniture issued ordinary shares of par value $1 for $300,000. Early in January, resort furniture made the following cash payments: a. $150,000 for equipment b. $120,000 for inventory (1,000 pieces of furniture) c. $20,000 for 208 rent on a store building In February, Resort Furniture purchased 2,000 units of furniture inventory on account from an Indonesian company. Cost of this inventory was $260,000. Before year end, Resort Furniture paid $208,000 of this debt. Resort Furniture uses the FIFO method to account for inventory. During 20X8, Resort Furniture sold 2,500 units of inventory for $200 each. Before year end, Resort Furniture collected 80% of this amount. The store employs three people. The combined annual payroll is $95,000, of which Resort Furniture owes $4,000 at year end. At the end of the year, Resort Furniture paid income tax of $10,000. Late in 20X8, Resort Furniture declared and paid cash dividends of $11,000. For equipment, Resort Furniture uses the straight-line depreciation method, over five years, with zero residual value. Required 1. Prepare Resort Furniture, Ltd.'s income statement for the year ended 31 December 20X8. 2. Prepare Resort Furniture's balance sheet at 31 December 208 3. Prepare Resort Furniture's cash flow statement for the year ended 31 December 208 using the indirect method