The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows: Dec. 31, 20Y6 Dec. 31, 20YS Assets Cash Accounts receivable (net) Inventories Investments Land Equipment Accumulated depreciation-equipment $274,240 99,350 280,440 $257,160 92,360 273,470 105,940 0 241,770 (65,200) $905,500 143,850 309,420 (72,440) $1,034,860 Total assets Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Paid-in capital: Excess of issue price over par-common stock Retained earnings $187,310 18,630 10,350 55,880 210,080 552,610 $1,034,860 $178,380 23,540 8,150 44,370 123,150 527,910 $905,500 Total liabilities and stockholders' equity The income statement for the year ended December 31, 20Y6, is as follows: The income statement for the year ended December 31, 20Y6, is as follows: Sales Cost of merchandise sold Gross profit Operating expenses $1,482,920 610,600 $872,320 Depreciation expense $7,240 Other operating expenses 770,160 Total operating expenses 777,400 Operating income $94,920 Other expense Loss on sale of investments Income before income tax Income tax expense Net income Additional data obtained from an examination of the accounts in the ledger for 20Y6 are as follows (28,600) $66,320 21,220 $45,100 a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $77,340 cash d. The common stock was issued for cash. e. There was a $20,400 debit to Retained Earnings for cash dividends declared 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 Cach at the end nf the vear