Financial Statement, including Statement of Cash Flows Pendray Systems Corporation began operations on January 1, 2015, as an online retailer of computer software and hardware. The following financial statement data were taken from Pendray's recon operations, December 31, 2015 Accounts payable Accounts recevable $30,000 165,000 378.000 at the end of its fint year af Common stick Cash Cash payments for opening activities 505.500 Cash recepts from operating actives 1.035.000 Cof Dividends 652.500 45.000 Income tax expense 79.500 Income taxes able 12.000 3.000 Dantones 172.500 Nute payahle (due in ten years) 75.000 Property, plant, and ement 397.500 andings 1.200.000 Selling and admistrative experie 120000 Financial Statements, including Statement of Cash Flows Pendray Systems Corporation began operations on January 1, 2015, as an online retailer of computer software and hardware. The following financial statement data were taken from Pendray's records at the end of its first year of operations, December 31, 2015, Accounts payable Accounts receivable $30.000 165,000 278,000 Common stock Cash Cash payments for operating activities 945,500 Cash recepts from operating activities Cast of sales 1,035.000 652.500 Dividends 45.000 79.500 Income tax expense Income taxes payable 12,000 Interest expense 3,000 Inventones 172.500 Note payable (due in ten years) 25,000 Property plant, and equament 397,500 Retained earnings Save 1,200,000 Selling and administrative pense 120,000 Instructions Instructions: 1. Prepare an income statement for the year ended December 31, 20Y5. Pendray Systems Corporation Income Statement For the Year Ended December 31, 20Y5 Revenues: Expenses: Feedback 2. Prepare a statement of stockholders' equity for the year ended December 31, 20V5. If your answer is zero, leave it blank. Pendray Systems Corporation Statement of Stockholders' Equity For the Year Ended December 31, 20Y5 Common Stock Retained Earnings Total Balances, January 1, 2015 Balances. December 31, 2015 3. Prepare a balance sheet as of December 31, 2015. Pendray Systems Corporation Balance Sheet December 31, 20Y5 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 100000 4. Prepare a statement of cash flows for the year ended December 31, 2015. Use the minus sign to indicate cash outflows, decreases in cash, or cash payments. If your answer is zero, leave it blank. Pendray Systems Corporation Statement of Cash Flows For the Year Ended December 31, 2015 Cash flows from (used for) operating activities: Cash flows used for investing activities Cash flows from (used for) financing activities 000 00 00 0000 Accounts payable Accounts receivable Common stock Cash $30,000 165,000 378,000 ? Cash payments for operating activities 985,500 Cash receipts from operating activities 1,035,000 Cost of sales 652,500 Dividends 45,000 Income tax expense 79,500 Income taxes payable 12,000 Interest expense 3,000 Inventories 172,500 Note payable (due in ten years) 75,000 Property, plant, and equipment 397,500 Retained earnings ? Sales 1,200,000 Selling and administrative expenses 120,000