Retro Motors, Inc, was formed on January 1,2021. The following transactions occurred during 2021 : (Cick, the icon to view the transactions.) Read the toguirements. Requirement 1. Prepare Retro's inconve statement for the year ended December 31, 2021 Use the sing Pequiroment 2. Prepace Retoris balance sheet at Docomber 31, 2021 Requirement 2. Prepare Retro's balance sheet at December 31, 2021 (1) (Click the icon to view the transactions) Read the tequiterrents parertheses or a minus sign for numbers to be subtracted and for a net decnase in cant Enter "or for zero balances.) Retro Motors, Ine. Statement of Cash Flows (indirect Method) Year Ended December 31, 2021 Cash flows from operating activities: Adpastmenss to reconcile net income to net cash provided by (used for) operating activites Canh flows from invelting activities: Next 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 On January 1, 2021, Retro issued its cormmon stock for $430,000. Early in January, Retro made the following cash payments: a. $160,000 for equipment b. $234,000 for inventory (six cars at $39,000 each) c. $18,000 for 2021 rent on a store building In February, Retro purchased four cars for inventory on account. The cost of this inventory was $192,000 (\$48,000 per car). Before year-end, the company paid off $115,200 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Retro sold seven autos for a total of $504,000. Before year-end, it had collected 40% of this amount. The business employs two people. The combined annual payroll is $60,000, of which Retro owes $8,000 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 $15,000. For equipment, Retro uses the straight-line depreciation method, over five years, with zero residual value. 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