Vintage Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare Vintage's income statement for the year ended December 31, 2021. Use the single-step format, with all revenues listed together and all expenses together. Revenue: Vintage Motors, Inc. Income Statement Year Ended December 31, 2021 Expenses: More info On January 1, 2021, Vintage issued its common stock for $510,000. Early in January, Vintage made the following cash payments: a. $220,000 for equipment b. $243,000 for inventory (nine cars at $27,000 each) c. $25,000 for 2021 rent on a store building In February, Vintage purchased three cars for inventory on account. The cost of this inventory was $117,000 ($39,000 per car). Before year-end, the company paid off $46,800 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Vintage sold eleven autos for a total of $649,000. Before year-end, it had collected 80% of this amount. The business employs two people. The combined annual payroll is $151,000, of which Vintage owes $6,000 at year-end. At the end of the year, the company paid income taxes of $22,000. Late in 2021, Vintage declared and paid cash dividends of $12,000. For equipment, Vintage uses the straight-line depreciation method, over five years, with zero residual value. - X