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, 2045. Accounts payable $60,000 Accounts receivable 330,000 Common stock 756,000 Cash Cash payments for operating activities 1,971,000 2,070,000 Cash receipts from operating activities Cost of sales 1,305,000 Dividends 90,000 Income tax expense 159,000 24,000 Income taxes payable Interest expense 6,000 Inventories 345,000 Note payable (due in ten years) 150,000 Property, plant, and equipment 795,000 Retained earnings Sales 2,400,000 Selling and administrative expenses 240,000 2. Prepare a statement of stockholders' equity for the year ended December 31, 2045. If your answer is zero enter "O". Pendray Systems Corporation Statement of Stockholders' Equity For the Year Ended December 31, 2045 Common stock Retained Earnings Balances, January 1, 2045 $ 756,000 X $ 0 Issuance of common stock 0 x Total $ 756,000 0 X Net income 690,000 690,000 Dividends 90,000 90,000 Balances, December 31, 2015 $ 756,000 $ 780,000 $ 1,536,000 Common stock Stockholders' Equity. $ 756,000 Retained earnings 780,000 Total stockholders' equity 1,536,000 Total liabilities and stockholders' equity $ 1,770,000 3. Prepare a balance sheet as of December 31, 2045. Pendray Systems Corporation Balance Sheet December 31, 2045 Assets $ 300,000 Cash Accounts receivable 330,000 Inventories 345,000 Property, plant, and equipment 795,000 Total assets $ 1,770,000 Liabilities Accounts payable 60,000 Income taxes payable 24,000 Note payable (due in 10 years) 150,000 Total liabilities $ 234,000 4. Prepare a statement of cash flows for the year ended December 31, 2045. Use the minus sign to indicate cash out flows, decreases in cash, or cash payments. If your answer is zero enter "O". Pendray Systems Corporation Statement of Cash Flows For the Year Ended December 31, 2045 Cash flows from operating activities: Cash receipts from operating activities $ 2,070,000 Cash payments for operating activities 1,971,000 Net cash flows from operating activities $ 99,000 Cash flows from investing activities: Investments in property, plant, and equipment 795,000 Cash flows from financing activities: Cash receipt from issuance of note payable 150,000 Cash receipt from issuance of common stock 756,000 Cash payments for dividends 90,000 Net cash flows from financing activities 996,000 Net increase in cash during 2045 $ 1,890,000 Cash as of January 1, 2045 780,000 Cash as of December 31, 2015 $ 2,670,000 X