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Points of Vintage Motors, Inc. was formed on January 1, 2021. The following transactions occurred during 2021 Click the foon to view the transactions) Read the requirements Requirement 1. Prepare Vintage income statement for the year ended December 31, 2021. Use the single-ho tomat, we al revenue isted together and all expenses together Vintage Motors, Inc. More info Year Ended December 31, 2021 Income Statement Revenue Expenses On January 1, 2021, Vintage wedis common stock for $40.000. Early in January Vintage made the following cash payments $180,000 for equipment b. 5203.000 for inventory leven cars at $20.000 each) c. 517.000 for 2021 ton store building In Fry, Vintage purchased to cars for inventory on count. The cost of this Inventory was $60.000 (40.000 perc) Before year and the company pod of 340.000 of this debt. The company stalou (FFO) method to for inventory During 2001. Vintage sold os for all of 465.000 Before and had collected 40% of tot The business employs five people. The combined wyrolis $125.000, which Vintage owes 53.000 a year-end Aland of the year, the company pod comes of $12.000 Latein 2021, Vintage red and paid cash dividends of 16.000 Forgen, Vilage este depreciation method wertve yoon with all Print Done Clear On January 1, 2021, Vintage issued its common stock for $440,000. Early in January, Vintage 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, Vintage 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 $40,000 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory During 2021, Vintage sold eight autos for a total of $488,000. Before year-end, it had collected 40% of this amount. The business employs five people. The combined annual payroll is $125,000, of which Vintage owes $3,000 at year-end. At the end of the year, the company paid income taxes of $12,600. Late in 2021, Vintage declared and paid cash dividends of $16,000. For equipment, Vintage uses the straight-line depreciation method, over five years, with zero residual value

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