Statement of Cash Flows-Direct Method applied to PR 16-1A The comparative balance sheet of Navaria Inc. for December 31, 2023 and 20Y2, is as follows: Dec. 31, 20Y3 Dec. 31, 2012 Assets Cash $ 250,480 $ 236,390 Accounts receivable (net) Inventories 91,880 84,290 258,940 248,980 Investments 96,880 Land 132,730 0 Equipment 282,980 222,820 Accumulated depreciation-equipment (67,300) (60,100) $829,260 $ 163,360 21,560 Total assets $949,710 Liabilities and Stockholders' Equity Accounts payable $ 171,530 Accrued expenses payable 17,250 Dividends payable 9,400 Common stock, $1 par 50,700 Paid-in capital: Excess of issue price over par-common 192,900 stock Retained earnings 507,930 Total liabilities and stockholders' equity $949,710 7,500 38,980 112,780 485,080 $829,260 The income statement for the year ended December 31, 2013, is as follows: Sales $1,594,640 Cost of merchandise sold 980,700 Gross profit $ 613,940 Operating expenses: Depreciation expense $ 7,200 Other operating expenses 519,850 527,050 Total operating expenses Operating income Other income: $ 86.890 16,200 Gain on sale of investments Income before income tax Income tax expense $ 103,090 41,240 Net income $ 61,850 Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities. Use the indicate chowe, cash payments decreases in cash, or any negative Navaria Inc. Statement of Cash Flows For the Year Ended December 11, 2013 Cash flows from operating activities: Nutcasy flow from operating activities Cath tows from under investing i 0 howed for investing Cashews from founding activities ni bu no 0 Net cash flow from financing ati Chat the age Cash at the end of the war Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities. Use the mission to indicate cash outlow, cast samants decorate in cash, any negative autta, Navaria Inc. Statement of Cash Flows For the Year Ended December 31, 2013 Cashows from operating activities tout cash flow from operating activities Call flows from used for) Investing activities O mini et cash used for investigacies Cash flow from used for) in activities Cash at the beginning of the ye Cache then they Drupure a statement of cash flows, using the direct method of presenting cash flows from operating activities. The the minus sign to indicate cash outflows, cash pements, decreases in cont, or any requestestment Navaria Inc. Statement of Cash Flows For the Year Ended December 31, 2011 Cash flows from operating activities Net cash flow from operating activities Cash flows from used for investing active dll II Net cash lowed for Cwth flows from used for financing Natashow from financing Cash at the beginning of the Cash at the end of the year