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		$311,640		$289,230
Accounts receivable (net)		112,900		103,880
Inventories		318,700		307,560
Investments		0		119,160
Land		163,460		0
Equipment		351,620		271,920
Accumulated depreciation-equipment		(82,320)		(73,330)
	Total assets	$1,176,000		$1,018,420
Liabilities and Stockholders' Equity
Accounts payable		$212,860		$200,630
Accrued expenses payable		21,170		26,480
Dividends payable		11,760		9,170
Common stock, $10 par		63,500		49,900
Paid-in capital: Excess of issue price over par-common stock		238,730		138,510
Retained earnings		627,980		593,730
	Total liabilities and stockholders equity	$1,176,000		$1,018,420

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

Sales					$1,815,610
Cost of merchandise sold					747,600
Gross profit					$1,068,010
Operating expenses:
	Depreciation expense		$8,990
	Other operating expenses		942,810
		Total operating expenses			951,800
Operating income					$116,210
Other expense:
		Loss on sale of investments			(32,170)
Income before income tax					$84,040
Income tax expense					26,890
Net income					$57,150

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 $86,990 cash.
4. The common stock was issued for cash.
5. There was a $22,900 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		$