The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows:1Dec. 31, 20Y6Dec. 31, 20Y52Assets3Cash$643,400.00$679,400.004Accounts receivable (net)566,800.00547,400.005Inventories1,011,000.00982,800.006Investments0.00240,000.007Land520,000.000.008Equipment880,000.00680,000.009Accumulated depreciation-equipment(244,400.00)(200,400.00)10Total assets$3,376,800.00$2,929,200.0011Liabilities and Stockholders’ Equity12Accounts payable (merchandise creditors)$771,800.00$748,400.0013Accrued expenses payable (operating expenses)63,400.0070,800.0014Dividends payable8,800.006,400.0015Common stock, $2 par56,000.0032,000.0016Paid-in capital: Excess of issue price over par—common stock408,000.00192,000.0017Retained earnings2,068,800.001,879,600.0018Total liabilities and stockholders’ equity$3,376,800.00$2,929,200.00The income statement for the year ended December 31, 20Y6, is as follows:1Sales$5,980,000.002Cost of merchandise sold2,452,000.003Gross profit$3,528,000.004Operating expenses:5Depreciation expense$44,000.006Other operating expenses3,100,000.007Total operating expenses3,144,000.008Operating income$384,000.009Other expense:10Loss on sale of investments(64,000.00)11Income before income tax$320,000.0012Income tax expense102,800.0013Net income$217,200.00Additional data obtained from an examination of the accounts in the ledger for 20Y6 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.statement of cash flows, using the direct method of presenting cash flows from operating activities. Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter amounts that represent cash outflows as negative numbers using a minus sign
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