The 2016 income statement and comparative balance sheet of Granite Rock, Inc. follow: + K (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Additionally, Granite Rock purchased land of $23,900 by financing it 100% with long-term notes payable during 2016. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $10,500. The plant acquisition was for cash. Requirements 1. Prepare the 2016 statement of cash flows by the direct method. 2. How will what you learned in this problem help you evaluate an investment? Requirement 1. Prepare the 2016 Statement of Cash Flows by the direct method. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Granite Rock, Inc. Statement of Cash Flows Year Ended December 31, 2016 Cash Flows from Operating Activities: Receipts: Total Cash Receipts Payments: mple Etext pages Calculator Clear all Check answer