This one $is$ really important that $itis$ completed $in$ the next two hours $orso,so$ help would $be$ much appreciated for the entire problem!

National Reserve Rare Coins $(NRRC)$ was formed $on$ January $1,2024.$ Additional data for the year follow:

$(Click$ the icon $to$ view the transactions.$)$

Read the requirements.

Requirement $1.$ Prepare $NRRC\text{'}s$ income statement for the year ended December $31,2024.$ Use the single$-$step format, with all revenues listed together and all expenses listed together.

Requirement $2.$ Prepare $NRRC\text{'}s$ balance sheet $at$ December $31,2024.$

More info

$a.On$ January $1,2024,NRRC$ issued $no$ par common stock for $$450,000.$

$b.$ Early $in$ January, $NRRC$ made the following cash payments:

For store fixtures, $$49,000$

For merchandise inventory, $$310,000$

For rent expense $on$ a store building, $$17,000$

$c.$ Later $in$ the year, $NRRC$ purchased merchandise inventory $on$ account for

$$242,000.$ Before year$-$end, $NRRC$ paid $$162,000of$ this accounts payable.

$d.$ During $2024,NRRC$ sold $2,000$ units $of$ merchandise inventory for $$350$ each.

Before year$-$end, the company collected $95\%of$ this amount. Cost $of$ goods sold for

the year was $$310,000,$ and ending merchandise inventory totaled $$242,000.$

$e.$ The store employs three people. The combined annual payroll $is$ $$96,000,of$ which

$NRRC$ still owes $$6,000at$ year$-$end.

$f.At$ the end $of$ the year, $NRRC$ paid income tax $of$ $$20,000.$ There are $no$ income

taxes payable.

$g.$ Late $in2024,NRRC$ paid cash dividends $of$ $$34,000.$

$h.$ For store fixtures, $NRRC$ uses the straight$-$line depreciation method, over five years,

with zero residual value. $(Click$ the icon $to$ view the transactions.$)$

Read the requirements.

the statement, leave the box empty; $do$ not select a label $or$ enter a zero. Enter $"0"$ for a zero cash balance. Complete the statement one section $at$ a time, beginning with the cash flows from operating activities.

National Reserve Rare Coins

Statement $of$ Cash Flows

Year Ended December $31,2024$

Cash Flows from Operating Activities:

Receipts:

Cash Receipt from Issuance $of$ Common Stock

Cash Payment $of$ Dividends

Cash Payment for Acquisition $of$ Store Fixtures

Total Cash Receipts

Payments:

Total Cash Payments

Net Cash Provided $by(Used$ for$)$ Operating Activities

Cash Flows from Investing Activities: Total Cash Payments

Net Cash Provided $by(Used$ for$)$ Operating Activities

Cash Flows from Investing Activities:

$,$

Net Cash Provided $by(Used$ for$)$ Investing Activities

Cash Flows from Financing Activities:

Net Cash Provided $by(Used$ for$)$ Financing Activities

Net Increase $(Decrease)in$ Cash

Cash Balance, December $31,2023$

Cash Balance, December $31,2024$