Problem 8-5 Frances's Fine Fluffs, Inc. Year 3 - 203 (Sebsitefor beginning balances) During the third year FFF paid the money owed for last year's merchandise and received the money due from last year's sales. Also, during the third year FFF bought 16 Fluffs and sold 13 . The Fluffs cost $46,000 each and were sold for $68,000 apiece. Terms for purchasing and selling the Fluffs remain the same. FFF paid rent of $17,000, which represented the current year's rent plus the rent she owed at the end of the prior year plus January of next year's rent. FFF paid cash wages of $30,000 and utilities of $3,000. FFF issued 100 new shares of common stock on September 1st for $10,000 in exchange for a billboard sign which is expected to last 10 years and then be worth $1,000. On October 1st FFF took out a one-year insurance policy for $3,600. FFF expenses the insurance at $300 per month. FFF paid the annual interest to Uncle Phil. FFF paid the taxes owed at the end of last year. At the end of the year, FFF owed wages of $3,000 and taxes for the year (tax rate remains 30\%). At December 31, FFF paid a dividend of $12,000. FFF uses the FIFO inventory system. So how did FFF do in the third year? (Prepare Journal Entries, T-Accounts, and Financial Statements) including cash flows Problem 8-5 Frances's Fine Fluffs, Inc. Year 3 - 203 (Sebsitefor beginning balances) During the third year FFF paid the money owed for last year's merchandise and received the money due from last year's sales. Also, during the third year FFF bought 16 Fluffs and sold 13 . The Fluffs cost $46,000 each and were sold for $68,000 apiece. Terms for purchasing and selling the Fluffs remain the same. FFF paid rent of $17,000, which represented the current year's rent plus the rent she owed at the end of the prior year plus January of next year's rent. FFF paid cash wages of $30,000 and utilities of $3,000. FFF issued 100 new shares of common stock on September 1st for $10,000 in exchange for a billboard sign which is expected to last 10 years and then be worth $1,000. On October 1st FFF took out a one-year insurance policy for $3,600. FFF expenses the insurance at $300 per month. FFF paid the annual interest to Uncle Phil. FFF paid the taxes owed at the end of last year. At the end of the year, FFF owed wages of $3,000 and taxes for the year (tax rate remains 30\%). At December 31, FFF paid a dividend of $12,000. FFF uses the FIFO inventory system. So how did FFF do in the third year? (Prepare Journal Entries, T-Accounts, and Financial Statements) including cash flows