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Question $6(15$ marks$)$: Compulsory

XYZ Corp.$\text{'}$s statement of financial position accounts as of December $31,2016$ and $2015$ and information relating to $2016$ activities are presented below.

Net income for $2016$ was $$1,500,000.$

Any cash dividends were declared and paid in the same year.

Equipment costing $$1,000,000$ and having a carrying amount of $$320,000$ was sold in $2016$ for $$360,000.$

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 $2016$

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