Question: (Learning Objectives 2, 4, 5, 6: Preparing an income statement, balance sheet, and statement of cash fl owsdirect method) Use the Antique Automobiles of Dubai,

(Learning Objectives 2, 4, 5, 6: Preparing an income statement, balance sheet, and statement of cash fl ows—direct method) Use the Antique Automobiles of Dubai, Inc., data from Problem 11-60A.

❙ Requirements 1. Prepare Antique’s income statement for the year ended December 31, 20X6.

2. Prepare Antique’s balance sheet at December 31, 20X6.

3. Prepare Antique’s statement of cash fl ows for the year ended December 31, 20X6. Format cash fl ows from operating activities by using the direct method.

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