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Statement of Cash Flows-- Direct Method The comparative balance sheet of Canace Products Inc. for December 31, 2016 and 20YS, is as follows: Dec 31, 2016 Dec 31, 2045 Assets Cash $315,490 $296,520 Accounts receivable (net) 114,290 106,500 Inventories 322,630 315,310 Investments 122,160 Land 165,480 0 Equipment 355,970 278,770 Accumulated depreciation-equipment (83,340) (75,170) Total assets $1,190,520 $1,044,090 0 $215,480 $205,690 27,150 21,430 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, 510 par Excess of paid-in capital over par 11,910 9,400 51,160 64,290 241,680 142.000 27,150 9,400 51,160 142,000 608,690 $1,044,090 Accrued expenses payable 21,430 Dividends payable 11,910 Common stock, $10 par 64,290 Excess of paid-in capital over par 241,680 Retained earnings 635,730 Total liabilities and stockholders' equity $1,190,520 The income statement for the year ended December 31, 2016, is as follows: Sales $1,676,400 Cost of merchandise sold 690,300 Gross profit $966,100 Operating expenses: Depreciation $8,170 Other operating expenses 870,630 Total operating expenses 878,800 Operating income $107.300 Other expense: Loss on sale of investments (32.980) Income before income tax $74,320 Income tax expense 23,780 Income before income tax 374,320 Income tax expense 23,780 Net income $50,540 Additional data obtained from an examination of the accounts in the ledger for 2016 are as follows: a. Equipment and land were acquired for cash, b. There were no disposals of equipment during the year. The investments were sold for $89,180 cash. d. The common stock was issued for cash. e. There was a $23,500 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the direct method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Canace Products Inc Statement of Cash Flows For the Year Ended December 31, 2046 Cash flows from (used for) operating activities: a Net cash flows from operating activities Cash flows from (used for) investing activities: o Statement of Cash Flows For the Year Ended December 31, 2016 Cash flows from (used for) operating activities: Net cash flows from operating activities Cash flows from used for) investing activities: o Net cash flows used for investing activities Cash flows from (used for) financing activities: DI DO Net cash flows from financing activities Cash balance, January 1, 2016 Cash balance, December 31, 2016