The comparative balance sheet of Navaria Inc. for December 31, 2013 and 20Y2, is as follows: 1 Dec 31, 2043 Dec 31, 2012 2 Assets 3 Cash $155,000.00 $150,000.00 * Accounts receivable (net) 450,000.00 400,000.00 5 Inventories 770,000.00 750,000.00 6 Investments 0.00 100,000.00 7 Land 500,000.00 0,00 # Equipment 1,200,000.00 1,400,000.00 (600,000.00) $2,675,000.00 9 Accumulated depreciation equipment 10 Total assets Liabilities and Stockholders' Equity (500,000.00) $2,100,000.00 $340,000.00 $300,000.00 45,000.00 50,000.00 12 Accounts payable 15 Accrued expenses payable 14 Dividends payable 15 Common stock, 54 par 16 Paid-in capital:Excess of issue price over par-common stock 30,000.00 25,000.00 700,000.00 600,000.00 200,000.00 175,000.00 16 Paid-in capital: Excess of issue price over par-common stock 200,000.00 175,000.00 17 Retained earnings 950,000.00 1,360,000.00 $2,675,000.00 18 Total liabilities and stockholders'equity $2,100,000.00 The income statement for the year ended December 31, 20Y3, is as follows: 1 Sales $3,000,000.00 2 Cost of merchandise sold 1.400,000.00 $1,600,000.00 3 Gross profit $100,000.00 4 Operating expenses: 5 Depreciation expense Other operating expenses 7 Total operating expenses 6 950,000.00 1,050,000.00 Operating income $550,000.00 9 Other income: 10 Gain on sale of investments 75,000.00 11 Income before income tax $625,000.00 - Other income: 10 Gain on sale of investments 75,000.00 $625,000.00 11 Income before income tax 12 Income tax expense 125,000.00 15 Net income $500,000.00 Additional data obtained from an examination of the accounts in the lodger for 20Y3 are as follows: A. The investments were sold for $175,000 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 $90,000 debit to retained Earnings for cash dividends declared, Proparo a statement of cash flows, using the direct method of presenting cash Rows from operating activities. Be sure to complete the heading of the statement. Refer to the Labois a Amount Descriptions ist provided for the exact wording of the answer choices for text entrlos. Use the mus sign to indicato cash out howscash payments, decreases in cash or any negative adjustments Previous Check My Work Save and Exit Submit Assignment for All work saved. atv A 13 MacBook Pro *