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	$ 227,410			$ 213,550
Accounts receivable (net)	82,990			76,140
Inventories	233,930			224,930
Investments	0			87,520
Land	119,900			0
Equipment	255,650			201,300
Accumulated depreciation-equipment	(60,800)			(54,300)
Total assets	$859,080			$749,140
Liabilities and Stockholders' Equity
Accounts payable	$ 154,960			$ 147,580
Accrued expenses payable	15,580			19,480
Dividends payable	8,400			6,700
Common stock, $1 par	45,800			35,210
Paid-in capital: Excess of issue price over par-common stock	174,200			101,880
Retained earnings	460,140			438,290
Total liabilities and stockholders equity	$859,080			$749,140

The income statement for the year ended December 31, 20Y3, is as follows:

Sales		$1,468,590
Cost of merchandise sold		903,180
Gross profit		$ 565,410
Operating expenses:
Depreciation expense	$ 6,500
Other operating expenses	478,760
Total operating expenses		485,260
Operating income		$ 80,150
Other income:
Gain on sale of investments		14,600
Income before income tax		$ 94,750
Income tax expense		37,900
Net income		$ 56,850

Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows:

1. The investments were sold for $102,120 cash.
2. Equipment and land were acquired for cash.
3. There were no disposals of equipment during the year.
4. The common stock was issued for cash.
5. There was a $35,000 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:
Cash received from customers	$
Cash payments for merchandise
Cash payments for operating expenses
Cash payments for income taxes
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		$