Prepare NRRC's income statement for the year ended December 31,

2024

Use the single-step format, with all revenues listed together and all expenses listed together.

a.	On JanuaryJanuary 1, 20242024, NRRCNRRC issued no par common stock for $ 425 comma 000$425,000.
b.	Early in JanuaryJanuary, NRRCNRRC made the following cash payments:
	1.	For store fixtures, $ 56 comma 000$56,000
	2.	For merchandise inventory, $ 240 comma 000$240,000
	3.	For rent expense on a store building, $ 19 comma 000$19,000
c.	Later in the year, NRRCNRRC purchased merchandise inventory on account for $ 239 comma 000$239,000. Before year-end, NRRCNRRC paid $ 149 comma 000$149,000 of this accounts payable.
d.	During 20242024, NRRCNRRC sold 2 comma 8002,800 units of merchandise inventory for $ 250$250 each. Before year-end, the company collected 8080% of this amount. Cost of goods sold for the year was $ 340 comma 000$340,000, and ending merchandise inventory totaled $ 139 comma 000$139,000.
e.	The store employs three people. The combined annual payroll is $ 94 comma 000$94,000, of which NRRCNRRC still owes $ 3 comma 000$3,000 at year-end.
f.	At the end of the year, NRRCNRRC paid income tax of $ 19 comma 000$19,000. There are no income taxes payable.
g.	Late in 20242024, NRRCNRRC paid cash dividends of $ 43 comma 000$43,000.
h.	For store fixtures, NRRCNRRC uses the straight-line depreciation method, over five years, with zero residual value