Sweet Motors, Inc., was formed on January $1,2021.$ The following transactions occurred durin

$($Click the icon to view the transactions.$)$

Read the requirements.

Requirement $2.$ Prepare Sweet's balance sheet at December $31,2021.$

$\backslash$table$[[$Sweet Motors, Inc.$],[$Balance Sheet$],[$December $31,2021]]$

Assets Liabilitie

Current assets:

$$

$$

$$

$$

$$

$$ Current liabilities:

$$

$$

$$

$$

$$

$$

$$

Stockholders' equity

$$

$$ Property, plant, and equipment:

$$

Less:

Less: $$

On January $1,2021,$ Sweet issued its common stock for $$575,000.$ Early in January, Sweet 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, Sweet 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 $$76,800$ of this debt. The company uses the first$-$in$,$ first$-$out $($FIFO$)$ method to account for its inventory.

During $2021,$ Sweet sold ten autos for a total of $$650,000.$ Before year$-$end, it had collected $50\%$ of this amount.

The business employs six people. The combined annual payroll is $$150,000,$ of which Sweet owes $$3,000$ at year$-$end. At the end of the year, the company paid income taxes of $$13,000.$

Late in $2021,$ Sweet declared and paid cash dividends of $$19,000.$

For equipment, Sweet uses the straight$-$line depreciation method, over five years, with zero residual value.