Statement of Cash Flows-Direct Method applied to PR 16-1A The comparative balance sheet of Navaria Inc. for December 31, 2013 and 2012, is as follows: Dec. 31, 20Y3 Dec. 31, 20Y2 Assets Cash 5 181,930 S 171,680 Accounts receivable (net) 66,720 61,210 Inventories 188,060 180,830 Investments 0 70,360 Land 96,390 0 Equipment 205,520 161,830 Accumulated depreciation equipment (48,800) (43.600) Total assets $689,820 $602,310 Liabilities and Stockholders' Equity Accounts payable 5 124,590 S 118,660 Accrued expenses payable 12.530 15,660 Dividends payable 6,800 5,400 Common stock, 51 par 36,800 28,310 Excess of paid-in capital over par 140.100 81.910 Retained earnings 369,000 352,370 Total liabilities and stockholders' equity $689,820 $602,310 $1,148,980 706,620 5 442,360 The income statement for the year ended December 31, 2013, is as follows: Sales Cost of merchandise sold Gross profit Operating expenses: Depreciation expense $ 5,200 Other operating expenses 374,570 Total operating expenses Operating income 379,770 $ 62,590 Other income: Gain on sale of investments 11.800 Income before income tax $ 74,390 Income tax expense 29,760 Net income $ 44,630 Additional data obtained from an examination of the accounts in the ledger for 2073 are as follows: a. The investments were sold for $82,160 cash. b. Equipment and land were acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $28,000 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the direct method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Navaria Inc. Statement of Cash Flows For the Year Ended December 31, 2043 Cash flows from (used for) operating activities: Net cash flows from operating activities Cash flows from (used for) investing activities: Net cash flows used for investing activities Cash flows from (used for) financing activities: Net cash flows from financing activities Cash balance, January 1, 2013 Cash balance, December 31, 2013