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		$247,890		$232,720
Accounts receivable (net)		89,800		83,580
Inventories		253,500		247,480
Investments		0		95,880
Land		130,030		0
Equipment		279,700		218,790
Accumulated depreciation-equipment		(65,480)		(59,000)
	Total assets	$935,440		$819,450
Liabilities and Stockholders' Equity
Accounts payable		$169,310		$161,430
Accrued expenses payable		16,840		21,310
Dividends payable		9,350		7,380
Common stock, $10 par		50,510		40,150
Excess of paid-in capital over par		189,890		111,450
Retained earnings		499,540		477,730
	Total liabilities and stockholders equity	$935,440		$819,450

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

Sales					$1,330,570
Cost of merchandise sold					547,900
Gross profit					$782,670
Operating expenses:
	Depreciation		$6,480
	Other operating expenses		691,020
		Total operating expenses			697,500
Operating income					$85,170
Other expense:
		Loss on sale of investments			(25,890)
Income before income tax					$59,280
Income tax expense					18,970
Net income					$40,310

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 $69,990 cash.
4. The common stock was issued for cash.
5. There was a $18,500 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