Statement of Cash Flows-Direct Method The comparative balance sheet of Canace Products Inc. for December 31, 2046 and 2045, is as follows: Dec. 31, 2016 Dec. 31, 2045 Assets Cash $317,280 $298,890 Accounts receivable (net) 114,940 107,350 Inventories 324,480 317,830 Investments 0 123,130 Land 166,420 0 357,990 281,000 Equipment Accumulated depreciation equipment (83,810) (75,770) Total assets $1,197,300 $1,052,430 Liabilities and Stockholders' Equity $216,710 $207,330 Accounts payable Accrued expenses payable Dividends payable 21,550 27,360 11,970 9,470 Common stock, $10 par 64,650 51,570 Paid-in capital: Excess of issue price over par-common stock 243,050 143,130 Retained earnings 639,370 613,570 Total liabilities and stockholders' equity $1,197,300 $1,052,430 The income statement for the year ended December 31, 20Y6, is as follows: Sales $1,656,740 Cost of merchandise sold 682,200 Gross profit $974,540 Operating expenses: Depreciation expense $8,040 Other operating expenses 860,460 Total operating expenses 868,500 Operating income $106,040 Other expense: Loss on sale of investments (33,250) Income before income tax $72,790 Income tax expense 23,290 Net income $49,500 Additional data obtained from an examination of the accounts in the ledger for 2016 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $89,880 cash. d. The common stock was issued for cash. e. There was a $23,700 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. Canace Products Inc. Statement of Cash Flows For the Year Ended December 31, 2016 Cash flows from operating activities: Net cash flow from operating activities Cash flows from (used for) investing activities: Cash flows from (used for) financing activities: Net cash flow from financing activities 10000 Cash at the beginning of the year Cash at the end of the year