Statement of Cash Flows$$Direct Method The comparative balance sheet of Canace Products Inc. for December $31,20$Y$6$ and $20$Y$5,$ is as follows: Dec. $31,20$Y$6$ Dec. $31,20$Y$5$ Assets Cash $$302,000$ $$281,580$ Accounts receivable $($net$)109,400101,130$ Inventories $308,830299,430$ Investments $0116,000$ Land $158,4100$ Equipment $340,750264,720$ Accumulated depreciation$-$equipment $(79,770)(71,390)$ Total assets $$1,139,620$ $$991,470$ Liabilities and Stockholders' Equity Accounts payable $$206,270$ $$195,320$ Accrued expenses payable $20,51025,780$ Dividends payable $11,4008,920$ Common stock, $$10$ par $61,54048,580$ Excess of paid$-$in capital over par $231,340134,840$ Retained earnings $608,560578,030$ Total liabilities and stockholders$$ equity $$1,139,620$ $$991,470$ The income statement for the year ended December $31,20$Y$6,$ is as follows: Sales $$1,703,110$ Cost of merchandise sold $701,300$ Gross profit $$1,001,810$ Operating expenses: Depreciation $$8,380$ Other operating expenses $884,420$ Total operating expenses $892,800$ Operating income $$109,010$ Other expense: Loss on sale of investments $(31,320)$ Income before income tax $$77,690$ Income tax expense $24,860$ Net income $$52,830$ Additional data obtained from an examination of the accounts in the ledger for $20$Y$6$ are as follows: Equipment and land were acquired for cash. There were no disposals of equipment during the year. The investments were sold for $$84,680$ cash. The common stock was issued for cash. There was a $$22,300$ debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the direct met