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		$263,150		$247,330
Accounts receivable (net)		95,330		88,830
Inventories		269,110		263,010
Investments		0		101,890
Land		138,030		0
Equipment		296,910		232,520
Accumulated depreciation-equipment		(69,510)		(62,700)
	Total assets	$993,020		$870,880
Liabilities and Stockholders' Equity
Accounts payable		$179,740		$171,560
Accrued expenses payable		17,870		22,640
Dividends payable		9,930		7,840
Common stock, $10 par		53,620		42,670
Excess of paid-in capital over par		201,580		118,440
Retained earnings		530,280		507,730
	Total liabilities and stockholders equity	$993,020		$870,880

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

Sales					$1,398,300
Cost of merchandise sold					575,800
Gross profit					$822,500
Operating expenses:
	Depreciation		$6,810
	Other operating expenses		726,190
		Total operating expenses			733,000
Operating income					$89,500
Other expense:
		Loss on sale of investments			(27,510)
Income before income tax					$61,990
Income tax expense					19,840
Net income					$42,150

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 $74,380 cash.
4. The common stock was issued for cash.
5. There was a $19,600 debit to Retained Earnings for cash dividends declared.

Required:

Prepare a statement of cash flows, using the direct method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.