The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is as follows Dec. 31, 20Y3 Dec. 31, 20Y2 Assets Cash 625,680.00 $586,230.00 Accounts receivable (net 228,100.00 208,850.00 5 Inventories 640,910.00 617650.00 6 Investments 0.00 240,620.00 Land 0.00 328,090.00 553,320.00 704,540.00 8 Equipment (147840.00) (166,310.00) 9 Accumulated depreciation-equipment $2,361,010.00 $2,058,830.00 0Total assets Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity 404,550.00 425,280.00 12 Accounts payable (merchandise creditors) 1,990.00 Accrued expenses payable (operating expenses) 52,020.00 13 14 Dividends payable 24,190.00 20,170.00 15 Common stock, $2 pan 150,000.00 100,000.00 17500.00 Paid-in capital: Excess of issue price over par-common stock 280,000.00 16 17 Retained earnings 1,302,050.00 1,202,090.00 2,361,010.00 $2,058,830.00 Total liabilities and stockholders' equity 18 The income statement for the year ended December 31, 20Y3, is as follows 1Sales $5,371,994.00 ,306,650.00 Cost of goods sold $2065,344.00 3Gross profit 4 Operating expenses: Depreciation expense $18,470.00 5 1,756,355.00 Other operating expenses 1,774,825.00 Total operating expenses 290,519.00 8 Operating income 9Other income: 8,570.00 0 Gain on sale of investments $329,089.00 Income before income tax 11 132,549.00 Income tax expense 12 196,540.00 13 Net income Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows a. The investments were sold for $279,190 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 $96,580 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. Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter amounts that represent cash outflows as negative numbers using a minus sign Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities. Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter amounts that represent cash outflows as negative numbers using a minus sign. Livers Inc. Statement of Cash Flows (Label) 1Cash flows from operating activities 8 Cash flows from investing activities: 10 12 13 Cash flows from financing activities 14 15 16 17 18 Cash at the beginning of the year 19 Cash at the end of the year 20