Vintage Automobiles of Orangeville Lid was formed on January 1, 2020, when Vintage sed common shares for $300,000. Enly in January 2020, Vince the (Click the icon to view the transactions) Requirements Transactions X Vintage Motors, Inc. Balance Sheet As at December 31, 2020 Assets Current assets Current Mobil a $150 000 for equipment b. $120,000 for inventory (lour cars 530 000 each) $20.000 for 2020 rent on a store building In February 2020, Vintage purchased cars for inventory on account Cont of the Inventory was 5200 000 (543,333 33 sch) Before and Vintage paid $208,000 of this debt Vintage uses the FIFO method to account for inventory During 2020, Vintage sold oghtautos for a total of $500.000 Before year and Vintage collected 80 percent of this amount the business employs the people The combined annual Dayrolls 595 000, of which Vintage was $4,000 year end. At the end of the year, Vintage pad income tax of $10.000 Late 2020 Vintage declared and paid cash dividends of $11000 Forquiment Vintage uses the straight depreciation method over live years with me residual sh Property, plant and equipment Print Done