The comparative balance sheet of Cromme Inc. for December 31, 2016 and 2015, is shown as follows: 1 Dec. 31, 2016 Dec. 31, 2015 2 Assets 3 Cash $625,760.00 $585,920.00 4 Accounts receivable (net) 227,840.00 208,960.00 5 Inventories 641,760.00 617,120.00 6 Investments 0.00 240,000.00 7 Land 328,000.00 0.00 8 Equipment 705,120.00 553,120.00 9 Accumulated depreciation-equipment (166,400.00) (148,000.00) 10 Total assets $2,362,080.00 $2,057,120.00 11 Liabilities and Stockholders Equity 12 Accounts payable (merchandise creditors) $424,480.00 $404,960.00 13 Accrued expenses payable (operating expenses) 42,240.00 52,640.00 14 Dividends payable 24,000.00 19,200.00 15 Common stock, $4 par 150,000.00 100,000.00 16 Paid-in capital: Excess of issue price over parcommon stock 417,500.00 280,000.00 17 Retained earnings 1,303,860.00 1,200,320.00 18 Total liabilities and stockholders equity $2,362,080.00 $2,057,120.00 Additional data obtained from an examination of the accounts in the ledger for 2016 are as follows: A. The investments were sold for $280,000 cash. B. Equipment and land were acquired for cash. C. There were no disposals of equipment during the year. D. The common stock was issued for cash. E. There was a $199,540 credit to Retained Earnings for net income. F. There was a $96,000 debit to Retained Earnings for cash dividends declared. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities . Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. In the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow, if required. In the investing and financing activities section, use a minus sign only to indicate a NET cash outflow for the section. Labels and Amount Descriptions Cash paid for dividends Cash paid for merchandise Cash paid for purchase of equipment Cash paid for purchase of land Cash received from customers Cash received from sale of common stock Cash received from sale of investments December 31, 2016 Decrease in accounts payable Decrease in accounts receivable Decrease in accrued expenses payable Decrease in inventories Decrease in cash Depreciation For the Year Ended December 31, 2016 Gain on sale of investments Increase in accounts payable Increase in accounts receivable Increase in accrued expenses payable Increase in cash Increase in inventories Loss on sale of investments Net cash flow from operating activities Net cash flow used for operating activities Net cash flow from investing activities Net cash flow used for investing activities Net cash flow from financing activities Net cash flow used for financing activities Net income