Gulf Corp.'s balance sheet and income statement are as follows: Gulf Corp. Gulf Corp. Comparative Balance Sheet Information Income Statement December 31 For the Year Ended December 31, 2015 Assets 2015 2014 Sales $1,305,000 Cash $114,000 $78,000 Cost of goods sold 781,000 Accounts receivable 63,000 55,000 Gross profit 524,000 Merchandise inventory 397,000 352,000 Operating expenses: Equipment 218,000 196,000 Depreciation expense 30,000 Accumulated depreciation (96,000) (66,000) Other expenses 342,000 Total assets $696,000 $615,000 Total operating expenses 372,000 Liabilities and Equity Income from operations 152.000 Accounts payable $45,000 $64,000 Income taxes 27,000 Income taxes payable 21,000 20,000 Net income $125,000 Share capital 547,500 500,000 Retained earnings 82,500 31,000 Total liabilities and equity $696,000 $615,000 Additional information regarding Gulf Corp.'s activities during 2015: a. Equipment is purchased for $22,000 cash. b. 19,000 common shares are issued for cash at $2.50 per share. Prepare a statement of cash flows for 2015. Use the indirect method to report cash inflows and outflows for the operating activities section. 20,000 Merchandise inventory 397,000 352,000 Operating expenses: Equipment 218,000 196,000 Depreciation expense. 30,000 Accumulated depreciation (96,000) (66,000) Other expenses 342,000 Total assets $696,000 $615,000 Total operating expenses 372,000 Liabilities and Equity Income from operations 152,000 Accounts payable $45,000 $64,000 Income taxes 27,000 Income taxes payable 21.000 Net income $125,000 Share capital 547.500 500.000 Retained earnings 82,500 31,000 Total liabilities and equity. $696,000 $615,000 Additional information regarding Gulf Corp.'s activities during 2015: a. Equipment is purchased for $22,000 cash. b. 19,000 common shares are issued for cash at $2.50 per share. Prepare a statement of cash flows for 2015. Use the indirect method to report cash inflows and outflows for the operating activities section. (select one) Statement of Cash Flows (select one)