P1-5 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, 20Y5. Obj. 4 1. Net income, $335,000 Accounts payable Accounts receivable $ 40,000 88,000 Cash ? Cash payments for operating activities 896,000 Cash receipts from operating activities 1,087,000 Common stock 120,000 Cost of sales 650,000 Dividends Income tax expense Income taxes payable 90,000 87,000 15,000 Interest expense 3,000 Inventories 111,000 Note payable (due in 10 years) 80,000 Property, plant, and equipment 265,000 Retained earnings Sales Selling and administrative expenses ? 1,175,000 100,000 1. Instructions Prepare an income statement for the year ended December 31, 20Y5. 2. 3. Prepare a statement of stockholders' equity for the year ended December 31, 20Y5. Prepare a balance sheet as of December 31, 20Y5. 4. Prepare a statement of cash flows for the year ended December 31, 20Y5.