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Statement of Cash Flows-Direct Method applied to PR 16-1A The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2. is as follows: The income statement for the year ended December 31,20Y3, is as follows: Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: Additional data obtained from an examination of the accounts in the ledger for 20y3 are as follows: a. The investments were sold for $87,110 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 $30,000 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 cas cutfows, cash payments, decreases in cash, or any negative adjustments. For the Year Ended December 31, 20 Y3 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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