Score: 0 of 1 pt 8 of 10 ( complete) HW Score: 0%, 0 of 10 pts P11-57A (similar to) Question Help Vintage Motors, Inc., was formed on January 1, 2018. The following transactions occurred during 2018: (Click the icon to view the transactions Read the requirements Requirement 1. Prepare Vintage's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and an expenses together Vintage Motors, Inc Income Statement Year Ended December 31, 2018 Revenue Expenses More Info ni gel ago om ed On January 1, 2018, Vintage issued its common stock for $510,000. Early in January, Vintage 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 2018 rent on a store building In February, Vintage 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 $35,100 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory During 2018, Vintage sold eleven autos for a total of $649,000. Before year-end, it had collected 90% of this amount. The business employs two people. The combined annual payroll is $151,000, of which Vintage owes $3,000 at year-end. At the end of the year, the company paid income taxes of $22,000. Late in 2018, Vintage declared and paid cash dividends of $15,000. For equipment, Vintage uses the straight-line depreciation method, over five years, with zero residual value. Print Done