Statement of Cash FlowsDirect Method

The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows:

		Dec. 31, 20Y6		Dec. 31, 20Y5
Assets
Cash		$254,160		$238,060
Accounts receivable (net)		92,070		85,500
Inventories		259,920		253,150
Investments		0		98,070
Land		133,310		0
Equipment		286,770		223,810
Accumulated depreciation-equipment		(67,140)		(60,350)
	Total assets	$959,090		$838,240
Liabilities and Stockholders' Equity
Accounts payable		$173,600		$165,130
Accrued expenses payable		17,260		21,790
Dividends payable		9,590		7,540
Common stock, $10 par		51,790		41,070
Paid-in capital: Excess of issue price over par-common stock		194,700		114,000
Retained earnings		512,150		488,710
	Total liabilities and stockholders equity	$959,090		$838,240

The income statement for the year ended December 31, 20Y6, is as follows:

Sales					$1,386,440
Cost of merchandise sold					570,900
Gross profit					$815,540
Operating expenses:
	Depreciation expense		$6,790
	Other operating expenses		720,010
		Total operating expenses			726,800
Operating income					$88,740
Other expense:
		Loss on sale of investments			(26,480)
Income before income tax					$62,260
Income tax expense					19,920
Net income					$42,340

Additional data obtained from an examination of the accounts in the ledger for 20Y6 are as follows:

1. Equipment and land were acquired for cash.
2. There were no disposals of equipment during the year.
3. The investments were sold for $71,590 cash.
4. The common stock was issued for cash.
5. There was a $18,900 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: VI Net cash flow from operating activities Cash flows from used for) investing activities: VI Net cash flow used for investing activities Cash flows from (used for) financing activities: WI Net cash flow from financing activities WI Cash at the beginning of the year Cash at the end of the year