Statement of Cash Flows Colorado Corporation was organized at the beginning of the year, with the investment of $255,600 in cash by its stockholders. The company immediately purchased an office building for $306,900, paying $215,800 in cash and signing a three-year promissory note for the balance. Colorado signed a five-year, $60,100 promissory note at a local bank during the year and received cash in the same amount. During its first year, Colorado collected $94,070 from its customers. It paid $66,600 for inventory, $20,800 in salaries and wages, and another $3,400 in taxes. Colorado paid $5,800 in cash dividends. Required: 1. Prepare a statement of cash flows for the year. If your answer is zero, enter "0". Use the minus sign to indicate cash out flows, a decrease in cash or cash payments. Colorado Corporation Statement of Cash Flows For the First Year Cash flows from operating activities: $ Net cash provided by operating activities Cash flows from investing activities: Cash flows from financing activities: Cash flows from financing activities: Net cash provided by financing activities Cash at beginning of year Cash at end of year 2. Which of the following statement is not correct