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		$288,210		$266,250
Accounts receivable (net)		104,410		95,630
Inventories		294,740		283,120
Investments		0		109,690
Land		151,180		0
Equipment		325,190		250,320
Accumulated depreciation-equipment		(76,130)		(67,500)
	Total assets	$1,087,600		$937,510
Liabilities and Stockholders' Equity
Accounts payable		$196,860		$184,690
Accrued expenses payable		19,580		24,380
Dividends payable		10,880		8,440
Common stock, $10 par		58,730		45,940
Excess of paid-in capital over par		220,780		127,500
Retained earnings		580,770		546,560
	Total liabilities and stockholders equity	$1,087,600		$937,510

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

Sales					$1,733,560
Cost of merchandise sold					713,800
Gross profit					$1,019,760
Operating expenses:
	Depreciation		$8,630
	Other operating expenses		900,170
		Total operating expenses			908,800
Operating income					$110,960
Other expense:
		Loss on sale of investments			(29,620)
Income before income tax					$81,340
Income tax expense					26,030
Net income					$55,310

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 $80,070 cash.
4. The common stock was issued for cash.
5. There was a $21,100 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.

Canace Products Inc.
Statement of Cash Flows
For the Year Ended December 31, 20Y6
Cash flows from (used for) operating activities:
	$fill in the blank 2
	fill in the blank 4
	fill in the blank 6
	fill in the blank 8
Net cash flows from operating activities		$fill in the blank 9
Cash flows from (used for) investing activities:
	$fill in the blank 11
	fill in the blank 13
	fill in the blank 15
Net cash flows used for investing activities		fill in the blank 16
Cash flows from (used for) financing activities:
	$fill in the blank 18
	fill in the blank 20
Net cash flows from financing activities		fill in the blank 21
		$fill in the blank 23
Cash balance, January 1, 20Y6		fill in the blank 24
Cash balance, December 31, 20Y6		$fill in the blank 25