Stylistic Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021 : Click the icon to view the transactions.) Read the requirements Requirement 1. Prepare Stylistic's income statement for the year ended December 31:2021. Use the single-step format, with all revenues listed together and all expenses together More info On January 1, 2021. Stylistic issued its common stock for $575,000. Early in January Stylistic made the following cash payments a. $200,000 for equipment b. $324,000 for inventory (nine cars at $36,000 each) c. $24,000 for 2021 rent on a store building In February, Stylistic purchased four cars for inventory on account Cost of this inventory was $192,000 ( $48,000 each). Before year-end the company paid off $96,000 of th $ debt The company uses the first-in. first-out (FIFO) method to account fon its inventory. - Duning 2021, Stylistic sold ten autos for a total of $650,000. Before year-end it had collected 80% of this amount. The business employs six people. The combined annual payroll is $150,000, of which Stylistic owes $9.000 at year-end At the end of the y ean the company paid income taxes of $13,000. Late in 2021 Stylistic deciared and paid cash dividends of $18.000. For equipment Styistic uses the straight-line depreciation method, over five years, with zero residual value. Requirements 1. Prepare Stylistic'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 Stylistic's balance sheet at December 31, 2021. 3. Prepare Stylistic's statement of cash flows for the year ended December 31 , 2021. Format cash flows from operating activities using the direct method