Statement of Cash Flows-Direct Method The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows: Dec. 31, 20Y6 Dec. 31, 2015 Cash Accounts receivable (net) Inventories Investments Land Assets Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Paid-in capital: Excess of issue price over par-common stock $256,060 $239,300 92,760 85,950 261,870 254,470 0 98,580 134,310 0 288,920 224,970 (67,640) (60,670) $966,280 $842,600 $174,900 $165,990 17,390 21,910 9,660 7,580 52,180 41,290 196,150 114,590 516 000 401 240 Common stock, $10 par Show Me How Paid-in capital: Excess of issue price over par-common stock Retained earnings Total liabilities and stockholders' equity 52,180 41,290 196,150 114,590 516,000 491,240 $966,280 $842,600 The income statement for the year ended December 31, 20Y6, is as follows: Sales Cost of merchandise sold Gross profit $1,421,170 585,200 $835,970 Operating expenses: Depreciation expense $6,970 Other operating expenses 738,030. Total operating expenses 745,000 Operating income $90,970 Other expense: Loss on sale of investments Income before income tax Income tax expense Net income (26,620) $64,350 20,590 $43,760 Additional data obtained from an examination of the accounts in the ledger for 20Y6 are as follows: a. Equipment and land were acquired for cash. eBook Income tax expense Net income Show Me How 20,590 $43,760 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 $71,960 cash. d. The common stock was issued for cash. e. There was a $19,000 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, 20Y6 Cash flows from operating activities: Net cash flow from operating activities. Cash flows from (used for) investing activities: 00 For the Year Ended December 31, 20Y6 Cash flows from operating activities: Net cash flow from operating activities Cash flows from (used for) investing activities: Net cash flow used for investing activities Cash flows from (used for) financing activities: Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the year 0000 0000 0