Question 2 [30 points] Velor Inc.'s balance sheet and income statement are as follows: Valor Inc Velor Inc Comparative Balance Sheet Information Income Statement December 31 For the Year Ended December 31, 2015 Assets 2015 2014 Sales $1,364,000 Cash $118,000 $79,000 Cost of goods sold 784,000 Accounts receivable 63,000 55,000 Gross profit 580,000 Merchandise inventory 409,000 354,000 Operating expenses Equipment 223,000 196,000 Depreciation expense 30,000 Accumulated depreciation (98,000) (68,000) Other expenses 333,000 Total assets 5715,000 $616,000 Total operating expenses 363.000 Liabilities and Equity income from operations 217,000 Accounts payable $40,000 $63.000 Income takes 26.000 Income taxes payable 20.000 18.000 Net Income $191,000 Share capital 538,000 490 000 Retained earnings 117,000 45,000 Total liabilities and equity_$715,000 $616,000 Additional information regarding Velor Inc is activities during 2015 a Equipment is purchased for $27.000 cash b 16,000 common shares are issued for cash at $3 per share Prepare a statement of cash flows for 2015. Use the indirect method to report cash inflows and outflows for the operating activities