PR 16-4A Statement of cash flows-direct method The comparative balance sheet of Canace Products Inc. for December 31, 2046 and 2045, is as follows: Dec. 31, 2016 Dec. 31, 2015 Assets $ 643,400 566,800 1,01 1,000 0 520,000 880,000 (244,400) $3,376,800 $ 679,400 547,400 982,800 240,000 0 680,000 (200,400) $2,929,200 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, $2 par... Paid-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 $ 748,400 70,800 6,400 32,000 192,000 1,879,600 $2,929,200 The income statement for the year ended December 31, 20Y6, is as follows: $5,980,000 2,452,000 $3,528,000 Sales...... Cost of merchandise sold... Gross profit... Operating expenses: Depreciation expense.. Other operating expenses...... Total operating expenses... $ 44,000 3,100,000 3,144,000 $ 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 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 $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