The comparative balance sheet of Canace Products Inc. for December 31, 2016 and 2085, is as follows: Dec 31, 2016 Dec 31, 2015 Assets Cash $237,070 $221,540 Accounts receivable (net) 85,880 79,570 Inventories 242,430 235,590 Investments 91,270 Land 124,350 Equipment 267,480 208,280 Accumulated depreciation-equipment (62,620) (56,170) Total assets $894,590 $780,080 0 0 $161,920 $153,680 20,280 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, 510 par Excess of paid-in capital over par 16,100 8,950 48,310 7,020 38,220 106,090 181,600 454,790 $780,080 Retained earings 477,710 Total liabilities and stockholders' equity $894,590 The Income statement for the year ended December 31, 2046, is as follows: Sales $1,315,830 Cost of merchandise sold 541,800 Gross profit $774,030 Operating expenses: Depreciation $6,450 Other operating expenses 683,350 Total operating expenses 689,800 Operating income $84,230 Other expense; Loss on sale of investments (24,640) Income before income tax $59,590 Income tax expense 19,070 Net income $40,520 Additional data obtained from an examination of the accounts in the ledger for 2076 are as follows: a. Equipment and land were acquired for cash b. There were no disposals of equipment during the year. C. The investments were sold for $66,630 cash, d. The common stock was issued for cash. e. There was a $17,600 debit to Retained Earnings for cash dividends declared, Required: Prepbre 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, 2016 Cash flows from (used for) operating activities Wll Net cash flows from operating activities Cash nows from used for investing activities Cash flows from (used for) investing activities: Net cash flows used for investing activities Cash flows from (used for) financing activities: Net cash flows from financing activities Cash balance, January 1, 2046 Cash balance, December 31, 2016