Financial Statements, including Statement of Cash Flows Pendray Systems Corporation began operations on January 1, 20Y5, 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, 20YS Accounts payable Accounts receivable Common stock $35,000 192,500 441,000 Cash payments for operating 1,149,750 Cash receipts from operating Cost of sales 761,250 Income tax expense income taxes payable Interest expense 92,750 14,000 Note payable (due in ten years) 87,500 Property, plant, and cquipment 463,7s0 1,400,000 140,000 Retained eanings Selling and administrative 1. Prepare an income statement for the year ended December 31, 20YS Pendray Systems Corporation Income Statement For the Year Ended December 31, 20YS Cost of sales Income tax Interest expense Net income Check My Wark Expenses are subtracted from revenues to determine a company's net income or net loss in the income statement of a company. 2. Prepare a statement of stockholders' equity for the year ended December 31, 20Y5If your answer is zero enter "O, Pendray Systems Corporation Statement of Stockholders Equity For the Year Ended December 31, 20YS Common stock Retained Earnings Total