eBook Show Me How Calculator Print Item Statement of Cash Flows-- Direct Method The comparative balance sheet of Canace Products Inc. for December 31, 2016 and 2015, is as follows: Dec. 31, 2016 Dec. 31, 2045 Assets Cash $248,180 Accounts receivable (net) $267,720 96,980 273,780 89,130 Inventories 263,920 Investments 102,240 Land Equipment 140,430 302,070 (70,720) Accumulated depreciation equipment 233,320 (62,920) $873,870 Total assets Show Me How Calculator Ch.16 Interactive HW + video eBook Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable $182,860 18,180 10,100 54,550 205,080 $172,150 22,720 7,860 42,820 118,850 Common stock, $10 par Pald-in capital: Excess of issue price over par-common stock Retained earnings 539,490 $1,010,260 509,470 $873,870 Total liabilities and stockholders' equity The income statement for the year ended December 31, 2016, is as follows: Sales $1,573,520 Cost of merchandise sold 647,900 Gross profit $925,620 Operating expenses: Depreciation expense $7,800 $17,100 Other operating expenses Total operating expenses 824,900 $100,720 Operating income Other expense: Loss on sale of investments (27,600) Income before income tax Income tax expense $73,120 23,400 $49,720 Net income 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. c. The investments were sold for $74,640 cash. d. The common stock was issued for cash. e. There was a $19,700 debit to Retained Earnings for cash dividends declared. Check My Work 3 more Check My Work uses remaining. Ch.16 Interactive HW + video eBook Show Me How Calculator C. The investments were sold for $74,640 cash. d. The common stock was issued for cash. e. There was a $19,700 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities. Use the n adjustments. Canace Products Inc. Statement of Cash Flows For the Year Ended December 31, 2046 Cash flows from operating activities: Net cash flow from operating activities Cash flows from (used for) investing activities: Net cash flow used for investing activities Cash flows from (used for) financing activities: Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the year Check My Work 3 more Check My Work uses remaining