Speedy Automobiles of Ontario Lid was formed on January 1, 2020, when Spoody Suod common shares for S510,000 Early in January 2020 Spoedy made the following cash payments Click the icon to view the transactions.) Requirements Requirement 1. Prepare Speedy Automobles of Ontario Lid's income statemen dollar) X Transactions Speedy Automobiles of Ontario, Ltd Income Statement For the Year Ended December 31, 2020 Rovence Expenses a $220,000 for equipment b. $243,000 for inventory (nme cars at $27,000 nach) c. $25,000 for 2020 ront on a store building In February 2020, Speedy purchased the cars for inventory on account Cost of this inventory was $117,000 ($39.000 each) Before year and Speedy paid $81.00 of this debt Speedy uses the FIFO method to account for inventory During 2020, Speedy sold oleven spoedytos for a total of $649.000. Before year-end Speedy collected 80% of this amount The business employs two people. The combined annual payroll S151000 of which Speedy owes 50.000 at year-end At the end of the year Speedy pard income tax of $22.000 Latin 2020. Speedy declared od paid cash dividends of $15.000. For equipment Speedy uses the straight-line depreciation method over five years with zero residual value Print Done hut comp Choot trom any list or entertany number in the input fields and then ck Check Answer Clear All Pering B o Secl lor anything e HD P1080