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Fast Motors, Inc. Income Statement Year Ended December 31, 2021 Revenue: Sales revenue 490000 Expenses: Cost of goods sold Salary expense Depreciation expense Rent expense Income tax expense 1. Prepare Fast's income statement for the year ended December 31,2021. Use the single-step format, with all revenues listed together and all expenses together. 2. Prepare Fast's balance sheet at December 31, 2021. 3. Prepare Fast's statement of cash flows for the year ended December 31 , 2021. Format cash flows from operating activities using the indirect method. More info On January 1,2021. Fast issued its common stock for $280,000. Early in January, Fast made the following cash payments: a. $120,000 for equipment b. $136,000 for inventory (four cars at $34,000 each) c. $23,000 for 2021 rent on a store building In February, Fast purchased nine cars for inventory on account. The cost of this inventory was $414,000 ( $46,000 per car). Before year-end, the company paid off $207,000 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Fast sold seven autos for a total of $490,000. Before year-end, it had collected 80% of this amount. The business employs four people. The combined annual payroll is $100,000, of which Fast owes $6,000 at year-end. At the end of the year, the company paid income taxes of $15,000. Late in 2021, Fast declared and paid cash dividends of $16,000. For equipment, Fast uses the straight-line depreciation method, over five years, with zero residual value

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