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		$300,150		$278,240
Accounts receivable (net)		108,730		99,930
Inventories		306,930		295,870
Investments		0		114,630
Land		157,440		0
Equipment		338,660		261,590
Accumulated depreciation-equipment		(79,280)		(70,540)
	Total assets	$1,132,630		$979,720
Liabilities and Stockholders' Equity
Accounts payable		$205,010		$193,000
Accrued expenses payable		20,390		25,470
Dividends payable		11,330		8,820
Common stock, $10 par		61,160		48,010
Paid-in capital: Excess of issue price over par-common stock		229,920		133,240
Retained earnings		604,820		571,180
	Total liabilities and stockholders equity	$1,132,630		$979,720

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

Sales					$1,764,120
Cost of merchandise sold					726,400
Gross profit					$1,037,720
Operating expenses:
	Depreciation expense		$8,740
	Other operating expenses		916,060
		Total operating expenses			924,800
Operating income					$112,920
Other expense:
		Loss on sale of investments			(30,950)
Income before income tax					$81,970
Income tax expense					26,230
Net income					$55,740

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 $83,680 cash.
4. The common stock was issued for cash.
5. There was a $22,100 debit to Retained Earnings for cash dividends declared.

Required:

Prepare a statement of cash flows, using the direct method of presenting cash flows from 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:
	$
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