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X A More Info me st together and ors, ceme ber On January 1, 2018, Antique issued its common stock for $575,000. Early in January, Antique 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 2018 rent on a store building In February, Antique 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 $134,400 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory During 2018, Antique 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 Antique owes $10,000 at year-end. At the end of the year, the company paid income taxes of $13,000. Late in 2018, Antique declared and paid cash dividends of $12,000. For equipment, Antique uses the straight-line depreciation method, over five years, with zero residual value. nces Print Done leau lile cu unele ILS Antique Motors, Inc. Balance Sheet December 31, 2018 Assets Current assets: Cash Liabilities Current liabilities: Accounts payable 52600 325000 134400 10000 Accounts receivable Salary payable Inventory 144000 Total current liabilities 144400 | Total current assets 521600 Stockholders' equity Common stock Property, plant, and equipment: Equipment Less: Accumulated depreciation 575000 39000 N 200000 (40000) Retained earnings Total stockholders' equity __ 160000 _ 614000 Total assets 681600 Total liabilities and stockholders' equity 758400 Requirement 3. Prepare Antique's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities using the indirect method. (Use --- E-+-- "n" -- --- Choose from any list or enter any number in the input fields and then continue to the next question Antique Motors, Inc., was formed on January 1, 2018. The following transactions occurred during 2018: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare Antique's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses together. Antique Motors, Inc. Income Statement Year Ended December 31, 2018 650000 Revenue: Sales revenue Expenses: Cost of goods sold Salary expense Depreciation expense Rent expense Income tax expense 372000 150000 40000 24000 13000 Net income (loss) 51000 Requirement 2. Prepare Antique's balance sheet at December 31, 2018. Antique Motors, Inc. Choose from any list or enter any number in the input fields and then continue to the next question. Read the requirements. [ 51000 Cash flows from operating activities: | Net income Adjustments to reconcile net income to net cash provided by used for) operating activities: Depreciation Increase in accounts receivable N Increase in inventory 40000 (325000) (144000) 134400 10000 Increase in accounts payable (284600) (233600) Increase in salary payable Net cash provided by (used for) operating activities Cash flows from investing activities: Purchase of equipment (200000) (200000) Net cash provided by (used for investing activities Cash flows from financing activities: Issuance of common stock 575000 (12000) | Payment of dividend Niat noch nrovided hu huend farl financing activitine 563000 Choose from any list or enter any number in the input fields and then continue to the next question. Depreciation Increase in accounts receivable 40000 (325000) (144000) Increase in inventory Increase in accounts payable 134400 100001 (284600) (233600) Increase in salary payable Net cash provided by used for) operating activities Cash flows from investing activities: Purchase of equipment Net cash provided by used for) investing activities Cash flows from financing activities: Issuance of common stock (200000) (200000) 575000 (12000) Payment of dividend 563000 Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash balance, December 31, 2017 129400 Cash balance, December 31, 2018 Choose from any list or enter any number in the input fields and then continue to the next