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The comparative balance sheet of Canace Products inc. for December 31,20Y6 and 20Y5, is as follows: The income statement for the year ended December 31,20Y6,

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The comparative balance sheet of Canace Products inc. for December 31,20Y6 and 20Y5, is as follows: The income statement for the year ended December 31,20Y6, is as follows: Additional data obtained from an examination of the accounts in the ledger for 20Y6 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 $176,000 cash. d. The common stock was issued for cash. e. There was a $28,000 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) operatiog activities. Labels and Amount Descriptions Labels Cash flows from (used for) operating activities Cash flows from (used for) investing activities Cash flows from (used for) financing activities For the Year Ended December 31, 20Y6 December 31,20Y6 Amount Descriptions Cash paid for dividends Cash paid for purchase of equipment Cash paid for purchase of land Cash paid for purchase of treasury stock Cash payments for income taxes Cash payments for merchandise Cash payments for operating expenses Cash received from customers Cash received from sale of common stock Cash received from sale of investments Cash balance, January 1, 20Y6 Cash balance, December 31,20Y6 Depreciation Gain on sale of investments Issuance of common stock for acquisition of land Issuance of common stock for purchase of equipment Loss on sale of investments Labels and Amount Descriptions Cash paid for purchase of treasury stock Cash payments for income taxes Cash payments for merchandise Cash payments for operating expenses Cash received from customers Cash received from sale of common stock Cash received from sale of investments Cash balance, January 1, 20Y6 Cash balance, December 31,20Y6 Depreciation Gain on sale of investments Issuance of common stock for acquisition of land Issuance of common stock for purchase of equipment Loss on sale of investments Net cash flows from financing activities Net cash flows from investing activities - Net cash flows from operating activities Net cash flows used for financing activities Net cash flows used for investing activities Net cash flows used for operating activities Net decrease in cash Net increase in cash Prepare a statement of cash flows, using the direct method of presenting cash flows from (used for) operating activities. Statement of Cash Flows (Label) 2 3 4 5 6 (Label) 9 10 11 12 13. 14 (Label) 15 16 17 18 19 20

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