will upvote!

Classic Molorn, Inc, was formed on Jamuary 1,2021 . The following transacilont occurted diring 2021 (1) iclock the leon to yiew the banacions.) Requirement 2. Prepare Classic's balance sheet at December 31, 2021. Classic Motors, Inc. Balance Sheet December 31, 2021 Assets Liabilities Current assets: Current liabilities: Stockholders' equity Property, plant, and equipment: Less: Requirement 3. Prepare Classic's staiement of cash flows for the year ended Decernber 31, 2021. Format cash flows ffom operating activilies using the indiricf method. (Use parentheses or minus sign for numbern to be subtracled and for a net decreuse in cash. Enter "O" for zero baiances.) Cash flows from investing activities: Net cash provided by (used for) investing activities Cash flows from financing activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash On January 1,2021 , Classic issued its common stock for $440,000. Early in January, Classic made the following cash payments: a. $180,000 for equipment b. $203,000 for inventory (seven cars at $29,000 each) c. $17,000 for 2021 rent on a store building In February, Classic purchased two cars for inventory on account. The cost of this inventory was $80,000 ( $40,000 per car). Before year-end, the company paid off $48,000 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Classic sold eight autos for a total of $488,000. Before year-end, it had collected 80% of this amount. The business employs five people. The combined annual payroll is $125,000, of which Classic owes $7,000 at year-end. At the end of the year, the company paid income taxes of $12,600. Late in 2021, Classic declared and paid cash dividends of $19,000. For equipment, Classic uses the straight-line,depreciation method, over five years, with zero residual value