Statement of Cash FlowsDirect Method applied to PR 16-1A The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is as follows: Dec. 31, 20Y3 Dec. 31, 20Y2 Assets Cash $ 182,540 $ 171,780 Accounts receivable (net) 66,760 61,250 Inventories 188,170 180,930 Investments 0 70,400 Land 96,450 0 Equipment 205,640 161,920 Accumulated depreciation-equipment (48,800) (43,600) Total assets $690,760 $602,680 Liabilities and Stockholders' Equity Accounts payable $ 124,670 $ 118,730 Accrued expenses payable 12,540 15,670 Dividends payable 6,800 5,400 Common stock, $1 par 36,800 28,330 Paid-in capital: Excess of issue price over par-common stock 140,200 81,960 Retained earnings 369,750 352,590 Total liabilities and stockholders equity $690,760 $602,680 The income statement for the year ended December 31, 20Y3, is as follows: Sales $1,163,710 Cost of merchandise sold 715,680 Gross profit $ 448,030 Operating expenses: Depreciation expense $ 5,200 Other operating expenses 379,370 Total operating expenses 384,570 Operating income $ 63,460 Other income: Gain on sale of investments 11,800 Income before income tax $ 75,260 Income tax expense 30,100 Net income $ 45,160 Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: The investments were sold for $82,200 cash. Equipment and land were acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. 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 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, 20Y3 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: $ Net cash flow from financing activities $ Cash at the beginning of the year Cash at the end of the year $