Stylistic Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (i) (Click the icon to view the transactions.) On January 1, 2021, Stylistic issued its common stock for $575,000. Early in January, Styistic 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. The cost of this inventory was $192,000 ( $48,000 per car). Before year-end, the company paid off $134,400 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Stylistic sold ten autos for a total of $650,000. Before year-end, it had collected 90% of this amount. The business employs six people. The combined annual payroll is $150,000, of which Stylistic owes $1,000 at year-end. At the end of the year, the company paid Requirement 2. Prepare Stylistic's balance sheet at December 31, 2021. income taxes of $13,000. 2021, Stylistic declared and paid cash dividends of $11,000. ipment, Stylistic uses the straight-line depreciation method, over with zero residual value