Retro motors, inc., was formed on January 1, 2021. the following transactions occured during 2021

Homework: HW... Question 8, P11-59A (si... > Part 2 of 6 HW Score: 66.71%, 6.67 of 10 points Points: 0.17 of 1 Save Retro Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021; (Click the icon to view the transactions Read the requirements RE ReLO MOLORS, Inc. Balance Sheet Assets Current assets: Cash December 31, 2021 Liabilities Current liabilities: Accounts payable Accounts receivable Inventory Total current assets Salary payable Total current bites 39,000 Property, plant, and equipment: Equipment Less: Accumulated depreciation Stockholders' equity Common stock Retained earnings Total stockholders' equity Total assets Total liabilities and stockholders' equity Help me solve this Calculator Get more help Clear all Check answer Rue D More info 21. 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 $58,500 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 40% of this amount. The business employs two people. The combined annual payroll is $151,000, of which Retro owes $3,000 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 $12,000. For equipment, Retro uses the straight-line depreciation method, over five years, with zero residual value. 000 Print Done