Statement of cash flows-direct method The comparative balance sheet OBU.3 of Cromme Inc. for December 31, 2016 and 2015, is as follows: Dec. 31, 2016 Dec. 31, 2015 S 625,760 S 585,920 Accounts receivable (net... 22,840 641,760 617,120 Equipment. 705,120 Accumulated depreciation-equipment Total assets $2,057,120 Liabilities and Stockholders Equity Accounts payable (merchandise creditors) 424,480 404,960 Accrued expenses payable (operating expenses) Common stock, $2 par Paid-in capital Excess of issue price over par-common stock 417,500 Retained earnings 1 200,320 Total liabilities and stockholders'equity................... $2,057,120 The income statement for the year ended December 31, 2016, is as follows: Cost of merchandise sold Gross profit operating expenses: Depreciation expense 18,400 other operating expenses 1.755.402 Total operating expenses 292,567 Gain on sale of ncome before income tax 332,567 Income tax expense 1 are Additional data obtained from an examination of the accounts in the ledger for 2016 as follows: a. The investments were sold for $280.000 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 s96,000 debit to Retained Eamings for cash dividends declared. Instructions Prepare a of cash flows, using the direct method of presenting cash flows from operating activities