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The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows:

		Dec. 31, 20Y6		Dec. 31, 20Y5
Assets
Cash		$227,220		$211,610
Accounts receivable (net)		82,310		76,000
Inventories		232,380		225,030
Investments		0		87,180
Land		119,180		0
Equipment		256,370		198,950
Accumulated depreciation-equipment		(60,020)		(53,650)
	Total assets	$857,440		$745,120
Liabilities and Stockholders' Equity
Accounts payable		$155,200		$146,790
Accrued expenses payable		15,430		19,370
Dividends payable		8,570		6,710
Common stock, $10 par		46,300		36,510
Paid-in capital: Excess of issue price over par-common stock		174,060		101,340
Retained earnings		457,880		434,400
	Total liabilities and stockholders equity	$857,440		$745,120

The income statement for the year ended December 31, 20Y6, is as follows:

Sales					$1,293,280
Cost of merchandise sold					532,500
Gross profit					$760,780
Operating expenses:
	Depreciation expense		$6,370
	Other operating expenses		671,630
		Total operating expenses			678,000
Operating income					$82,780
Other expense:
		Loss on sale of investments			(23,540)
Income before income tax					$59,240
Income tax expense					18,960
Net income					$40,280

Additional data obtained from an examination of the accounts in the ledger for 20Y6 are as follows:

1. Equipment and land were acquired for cash.
2. There were no disposals of equipment during the year.
3. The investments were sold for $63,640 cash.
4. The common stock was issued for cash.
5. There was a $16,800 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.

Canace Products Inc.
Statement of Cash Flows
For the Year Ended December 31, 20Y6
Cash flows from operating activities:
Cash received from customers	$
Cash payments for merchandise
Cash payments for operating expenses
Cash payments for income taxes
Net cash flow from operating activities		$
Cash flows from (used for) investing activities:
Cash from sale of investments	$
Cash used for purchase of land
Cash used for purchase of equipment
Net cash flow used for investing activities
Cash flows from (used for) financing activities:
Cash from sale of common stock	$
Cash used for dividends
Net cash flow from financing activities
Increase in cash		$
Cash at the beginning of the year
Cash at the end of the year		$

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