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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,

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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, 20Y6 Dec 31, 2045 Assets Cash $245,310 $230,300 Accounts receivable (net) 88,870 82,710 Inventories 250,870 244,900 Investments 94,880 Land 128,670 Equipment 276,780 216,510 Accumulated depreciation equipment (64,800) (58,390) Total assets $925,700 $810,910 $159,750 21,080 7,300 39,730 110,280 472,770 Liabilities and Stockholders' Equity Accounts payable $167,550 Accrued expenses payable 16,660 Dividends payable 9,260 Common stock, $10 par 49,990 Paid-in capital: Excess of issue price over par common stock 187,920 Retained earnings 494,320 Total liabilities and stockholders' equity $925,700 The income statement for the year ended December 31, 2016, is as follows: Sales $1,315,820 Cost of merchandise sold 541,800 Gross profit $774,020 Operating expenses: Depreciation expense $6,410 Other operating expenses 683,390 $810,910 Www W Depreciation expense $6,410 Other operating expenses 683,390 N Total operating expen 689,800 Operating income $84,220 Other expense: Loss on sale of investments (25,620) Income before income tax $58,600 Income tax expense 18,750 Net income $39,850 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 $69,260 cash. d. The common stock was issued for cash. e. There was a $18,300 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 minus sign to indicate cash outfi Canace Products Inc. Statement of Cash Flows For the Year Ended December 31, 20Y6 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: QU Net cash flow from financing activities Dodo Cash at the beginning of the year Cash at the end of the year

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