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. Revenue. Sales revenue Expenses: Cost of goods sold Salary expense Depreciation expense Rent expense Income tax expense Net income (loss) $ 504,000 More info - X 282,000 60,000 32,000 18,000 22,000 90,000 Liabilities Current liabilities: Accounts payable On January 1, 2021, Stylistic issued its common stock for $430,000. Early in January, Stylistic 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, 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 $115,200 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Stylistic sold seven autos for a total of $504,000. Before year-end, it had collected 70% of this amount. The business employs two people. The combined annual payroll is $60,000, of which Stylistic owes $12,000 at year-end. At the end of the year, the company paid income taxes of $22,000. Late in 2021, Stylistic declared and paid cash dividends of $17,000. For equipment, Stylistic uses the straight-line depreciation method, over five years, with zero residual value. Requirement 2. Prepare Stylistic's balance sheet at December 31, 2021. Stylistic Motors, Inc. Balance Sheet December 31, 2021 Assets Current assets: Cash Accounts receivable Inventory Total current assets Property, plant, and equipment: Equipment Less: Accumulated depreciation Total assets 430000 Salary payable Total current liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Print Done