Instructions Prepare a statement of cash flows, using the indirect method of presenting ca The comparative balance sheet of Canace Products Inc. for December 31, 2016 RS: Dec. 31, 2016 from used for) operating activities Appendix 2 PR 16-4A Statement of cash flows-direct method is as follows: Dec 31.2009 Assets 5.679 $ 643.400 566,800 1,011,000 0 520,000 880,000 (244.400) $3,376,800 24 52.929,200 Cash Accounts receivable (net) Inventories Investments Land.. Equipment Accumulated depreciation. Total assets... Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable. Dividends payable Common stock, S2 par.. Pald-in capital in excess of par.. Retained earnings Total liabilities and stockholders' equity.... $ 771,800 63,400 8,800 56,000 408,000 2,068,800 $3,376,800 5 748 10.800 6400 32.000 192.000 1,879.00 $2.929.200 The income statement for the year ended December 31, 20Y6, is as follows: $5.98000 2452.00 $3,528,00 Sales... Cost of merchandise sold.. Gross profit....... Operating expenses: Depreciation expense. Other operating expenses... Total operating expenses.. $ 44,000 3,100,000 3.144 Chapter 16 Statement of Cash Flows 811 ... $ 384,000 Income from operations... Other expense: Loss on sale of investments. Income before income tax.. Income tax expense... Net income.... (64,000) $ 320,000 102,800 $ 217,200 Additional data obtained from an examination of the accounts in the ledger for 20Y6 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 $176,000 cash. d. The common stock was issued for cash. e. There was a $28,000 debit to Retained Earnings for cash dividends declared. Instructions Prepare a statement of cash flows, using the direct method of presenting cash flows from (used for) operating activities. Ilart method applied to PR 16-1A