Retro Motors, Inc, was formed on January 1, 2021. The following transactions ocourred during 2021: (1) (Click the icon to view the transactions.) Reod the reguirements. Requirement 1. Prepare Retro's income statement for the year ended December 31,2021 . Use the single-step format, with all fevenues lisled together and all expenses fogether. On January 1, 2021, Retro issued its common stock for $350,000. Early in January, Retro made the following cash payments: a. $150,000 for equipment b. $125,000 for inventory (five cars at $25,000 each) c. $25,000 for 2021 rent on a store building In February, Retro purchased six cars for inventory on account. The cost of this inventory was $282,000 ( $47,000 per car). Before year-end, the company paid off $169,200 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Retro sold six autos for a total of $426,000. Before year-end, it had collected 70% of this amount. The business employs three people. The combined annual payroll is $90,000, of which Retro owes $11,000 at year-end. At the end of the year, the company paid income taxes of $14,000. b. $125,000 for inventory (five cars at $25,000 each) c. $25,000 for 2021 rent on a store building In February, Retro purchased six cars for inventory on account. The cost of this inventory was $282,000($47,000 per car). Before year-end, the company paid off $169,200 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Retro sold six autos for a total of $426,000. Before year-end, it had collected 70% of this amount. The business employs three people. The combined annual payroll is $90,000, of which Retro owes $11,000 at year-end. At the end of the year, the company paid income taxes of $14,000. 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. 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. Requirement 1. Prepare Retro's income statement for tho yeor ended December 31,2021 . Use the single-step format, with all revenues listed togeiher and all expenses together. Expenses: Requirement 2. Prepare Retro's balance sheet at December 31, 2021. December 31, 2021 Assets Llabilities Current assets: Current liabilities: Stockholders' equity Property, plant, and equipment: Less: Requirement 3. Prepare Retro's statoment of cash fows for the year ended December 31, 2021. Format cash fows from operating activiees isaing the indirect method. (Use parentheses or a minus sign for numbers to be subtractod and for a net docreabe in cash. Einier "o" for zero balances.) 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