Statement of Cash Flows-Direct Method Peoria Corp. just completed another successful year, as indicated by the following income statement: Presented nere are comparative balance sheets: Other information is as follows: a. Dividends of $60,800 were declared and paid during the year. b. Operating expenses indude $47,400 of depreciation. c. Land and plant and equipment were acquired for cash, and additional stock was issued for cash. Cash also was received from additional bank loans. The president has asked you some questions about the year's results. She is very impressed with the profit margin of 17.93% (net income divided by sales revenue). She is bothered, however, by the decline in the company's cash balance during the year. One of the conditions of the existing bank loan is that the company maintain a minimum cash balance of $47,400. Required: 1. Prepare a statement of cash flows for 2016 using the direct method in the Operating Activities section. Use the minus sign to indicate cash payments, cash outflows, or decreases in cash. Cash Flows from Operating Activities Cash collections from customers v Cash payments for: Cash Flows from Investing Activities Cash Flows from Financing Activities Additionallong-term borrowings Issuance of common stock Cash dividends paid Net cash provided by financing activities Net decrease in cash Cash balance, December 31, 2015 Cash balance, December 31,2016