Condensed financial data of Granger Inc. follow. Granger Inc. Comparative Balance Sheets December 31 Assets 2017 Cash $ 80,800 Accounts receivable 87,800 Inventory 112,500 Prepaid expenses 28,400 Long-term investments 138,000 Plant assets 285,000 Accumulated depreciation (50,000) Total $682,500 2016 $ 48,400 38,000 102,850 26,000 109,000 242,500 (52,000) $514,750 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $ 102,000 16,500 110,000 220.000 234.000 $682,500 $ 67,300 21,000 146,000 175.000 105,450 $514.750 $388,460 Granger Inc. Income Statement Data For the Year Ended December 31, 2017 Sales revenue Less: Cost of goods sold $135.460 Operating expenses, excluding depreciation 12,410 Depreciation expense 46,500 Income tax expense 27 280 Interest expense 4.730 Loss on disposal of plant assets 7.500 Net income 233,880 $ 154,580 Additional information: 1 2 3 New plant assets costing $100,000 were purchased for cash during the year. Old plant assets having an original cost of $57.500 and accumulated depreciation of $48,500 were sold for $1.500 cash. Bonds payable matured and were paid off at face value for cash. A cash dividend of $26.030 was declared and paid during the year. Further analysis reveals that accounts payable pertain to merchandise creditors, Prepare a statement of cash flows for Granger Inc using the direct method. (Show amounts in the investing and financing sections that darrerash flow with either asien 64-15,000 or in parenthesise 15.000 Granger Inc. Statement of Cash Flows For the Year Ended December 31, 2017 > e Textbook and Media