The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is as follows: Dec. 31, 20Y3 Dec. 31, 20Y2 Assets Cash $ 208,520 $ 196,490 Accounts receivable (net) 76,370 70,060 Inventories 215,240 206,960 Investments 0 80,530 Land 110,330 0 Equipment 235,230 185,220 Accumulated depreciation-equipment (55,900) (49,900) Total assets $789,790 $689,360 Liabilities and Stockholders' Equity Accounts payable $ 142,590 $ 135,800 Accrued expenses payable 14,340 17,920 Dividends payable 7,800 6,200 Common stock, $1 par 42,100 32,400 Paid-in capital: Excess of issue price over par-common stock 160,300 93,750 Retained earnings 422,660 403,290 Total liabilities and stockholders equity $789,790 $689,360 The income statement for the year ended December 31, 20Y3, is as follows: Sales $1,325,520 Cost of merchandise sold 815,190 Gross profit $ 510,330 Operating expenses: Depreciation expense $ 6,000 Other operating expenses 432,120 Total operating expenses 438,120 Operating income $ 72,210 Other income: Gain on sale of investments 13,400 Income before income tax $ 85,610 Income tax expense 34,240 Net income $ 51,370 Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: The investments were sold for $93,930 cash. Equipment and land were acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. There was a $32,000 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Navaria Inc. Statement of Cash Flows For the Year Ended December 31, 20Y3 Cash flows from operating activities: blank Cash received from customers $Cash received from customers 1,325,520 Cash payments for merchandise Cash payments for merchandise -815,190 Cash payments for operating expenses Cash payments for operating expenses Cash payments for income taxes Cash payments for income taxes Net cash flow from operating activities blank $fill in the blank 9 Cash flows from (used for) investing activities: blank Cash from sale of investments $Cash from sale of investments Cash used for purchase of land Cash used for purchase of land Cash used for purchase of equipment Cash used for purchase of equipment Net cash flow used for investing activities blank fill in the blank 16 Cash flows from (used for) financing activities: blank Cash from sale of common stock $Cash from sale of common stock Cash used for dividends Cash used for dividends Net cash flow from financing activities blank fill in the blank 21 Increase in cash blank $Increase in cash Cash at the beginning of the year blank fill in the blank 24 Cash at the end of the year blank $fill in the blank 25 Feedback Area Feedback