The comparative balance sheet of Canace Products Inc. for December 31, 2016 and 2015, is as follows:

The income statement for the year ended December 31, 2016, is as follows:

Additional data obtained from an examination of the accounts in the ledger for 2016 are as follows:
a. Equipment and land were acquired for cash.
b. There were no disposals of equipment during the year?
c. The investments were sold for $176,000 cash.
d. The common stock was issued for cash.
e. There was a $28,000 debit to Retained Earnings for cash dividends declared.
Instructions
Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities?

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Dec. 31, 2016 Dec. 31, 2015 Assets 643,400 566,800 1,011,000 679,400 547 400 982,800 240,000 Cash Investments 520,000 880,000 (244400) 3,376,800 680,000 Accumulated depreciation $2,929,200 Liabilities and Stockholders'Equity 771,800 63,400 8,800 56,000 408,000 2,068,800 3,376,800 Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses). 748,400 70,800 6,400 32,000 192,000 1,879,600 $2,929,200 Common stock, $2 par.... Paid-in capital: Excess of issue price over par-common stock Total liabilities and stockholders' equity $5,980,000 2452,000 $3,528,000 Sales.... Operating expenses: Depreciation expense Other operating expenses $ 44,000 3,100,000 3,144,000 384,000 Other expense: (64,000) 320,000 102,800 217,200 Income before income tax Income tax expense . . ..