Problem
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 cashD.The common stock was issued for cash.E.There was a $28,000 debit to Retained Earnings for cash dividends declared.
Prepare a 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. Use the minus sign only to indicate the net cash outflows for each section. "Deduct", "Less" or colons (:) will automatically appear if required.