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Question 3 [30 points Use the Gulf Com Inancial statements and supplementary information given below to prepare a statement of cash flows for the year anded December 31, 2014, using the indicest method Additional Information Purchased machinery for $45,000 cash Sold the long-term investment on January 1, 2014 for $39,000 Sold machinery for $10.500 cash that had orginally cost $61,000 and had 546,500 of acumulated depreciation d.swed 526,000 of bonds payable facovalo o. The short-term investment is a treasury bill that was purchased with maturity in 90 days (slooney Soment can ons select on Cashflows from operating activities Gulf Corp Comparative Balance sheet information December 31 Assets 2014 2013 470.600 345,000 Short-term investments 34,000 26,000 Accounts receivable 42,000 58,000 Merchandise inventory 13.000 9.000 Longostiment 0 28.000 Machinery 254,000 270,000 Accumulated depreciation (107.500) (115.000) Totales 707.000 025,000 Adjust to reconcile net income to cash provided by operact X- Cash fows from westing activities Cash flows from financing activities X Liabilis and Equity Accounts payabile Didends payable Bonds payat 55.000 25.000 17.000 13,000 20,000 300,000 287,000 707,000 Not increase (decrease in cas Cash at beginning of your Cash atond of year Findering 364.000 177.000 821,000 Gulf Corp. Income Statement For Year Ended December 31, 2014 Sales 710,000 Cost Of Goods Sold 550,000 Depreciation expense 39,000 Other expenses 27,000 (616,000) Gain on sale of long-term investment 11,000 Gain on sale of machinery 5,000 Net income 110,000