Question 6 (15 marks): Compulsory XYZ Corp.'s statement of financial position accounts as of December 31, 2016 and 2015 and information relating to 2016 activities are presented below. Assets Plant assets Accumulated depreciation Patent Long-term investments Inventory Accounts receivable (net) Short-term investments Cash Total assets Equity and Liabilities Share capital-ordinary, $10 par Share premium-ordinary Retained earnings Notes payable (nontrade) Accounts payable and accrued liabilities Total equity and liabilities Information relating to 2016 activities: .Net income for 2016 was $1,500,000. Any cash dividends were declared and paid in the same year. December 31, 2016 2015 $3,400,000 $2,000,000 (900,000) (900,000) 180,000 200,000 400,000 1,380,000 1,020,000 600,000 440,000 $6,520,000 Od 600,000 1,200,000 1,020,000 1,880,000 580,000 1,660,000 $6,520,000 200,000 $4,320,000 $1,400,000 500,000 980,000 1,440,000 $4,320,000 Equipment costing $1,000,000 and having a carrying amount of $320,000 was sold in 2016 for $360,000. DO NOT SHARE A long-term investment was sold in 2016 for $320,000. There were no other transactions affecting long-term investments in 2016. 20,000 ordinary shares were issued in 2016 for $25 a share. Short-term investments consist of treasury bills maturing on 6/30/17. Required: For XYZ Corp: Prepare the Cash Flows Statement (in proper format) for the year 2016