Stylistic Motors, Inc, was formed on Janwary 1, 2021. The following transactions occurred during 2021: (1) (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare Stylistic's income staternent for the year ended December 31, 2021. Use the single-step format, with al revenues fisted togother and aff expenses fogether. Stylistic Motors, Inc Income Statement Year Ended December 31, 2021 Revenue: Expensos: Stockholders' equity Property, plam, and equipment: Less: Requirement 3. Prepare Stylistic's statement of cash flows for the year ended December 31, 2021. Format cash flows from operating activities using the indirect mothod. (Use parenth minus sign for numbers to be subtracted and foc a net dectease in cash. Enter " O " for zero balancos" Stylistic Motors, Ine. Statement of Cash Flows (Indirect Method) Year Ended December 31, 2021 Cash flows from operating activitios: Adjustments to reconcile net income to On January 1, 2021, Stylistic issued its common stock for $280,000. Early in January, Stylistic made the following cash payments: a. $120,000 for equipment b. $136,000 for inventory (four cars at $34,000 each) c. $23,000 for 2021 rent on a store building In February, Stylistic purchased nine cars for inventory on account. The cost of this inventory was $414,000 ( $46,000 per car). Before year-end, the company paid off $165,600 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 $490,000. Before year-end, it had collected 90% of this amount. The business employs four people. The combined annual payroll is $100,000, of which Stylistic owes $8,000 at year-end. At the end of the year, the company paid income taxes of $15,000. Late in 2021, Stylistic declared and paid cash dividends of $11,000. For equipment, Stylistic uses the straight-line depreciation method, over five years, with zero residual value. Stylistic Motors, Inc. Statement of Cash Flows (Indirect Method) Year Ended December 31, 2021 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities: Net cash provided by (used for) operating activities Cash flows from investing activities: Net cash provided by (used for) operating activities 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 Stylistic Motors, inc, was formed on January 1, 2021. The following transsctions occurred during 2021 . 13) (Cick the ioon 10 vew the transactions.) Read the reduirnments Requirement 2. Prepare Stylisic's bolance sheet at December 31, 2021. Stylistie Motors, Ine. Balance sheet December 31, 2021 Assets Liabilaties Current assets: Curent habates Stockholders' equity Property, plant, and equpment: Less