lifa1.lyryx.com/student-servlets/LabServlet?ccid=11218 Question 1 [30 points] 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 2015 Assets 2014 $1,301,000 Sales Cash $121,000 $80,000 817,000 Cost of goods sold Accounts receivable 63,000 54,000 Gross profit 484,000 Merchandise inventory 405,000 352,000 Operating expenses: Equipment 225,000 196,000 Depreciation expense 34,000 Accumulated depreciation (101,000) (67,000) Other expenses 328,000 Total assets $713,000 $615,000 Total operating expenses 362,000 Liabilities and Equity Income from operations 122,000 Accounts payable $45,000 $62,000 Income taxes 28,000 Income taxes payable 18,000 17,000 Net income $94,000 Share capital 492,000 450,000 Retained earnings 158,000 86,000 Total liabilities and equity $713,000 $615,000 Additional information regarding Gulf Corp.'s activities during 2015: a. Equipment is purchased for $29,000 cash. b. 12,000 common shares are issued for cash at $3.50 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) Type here to search O