Please examine the texts provided thoroughly to identify and correct any spelling, typographical, grammatical, OCR (optical character recognition), and mathematical errors, including any errors related to the square root symbol. Ensure that the entire text is properly formatted and presented in a clear, coherent manner. Only correct errors, Do not answer it.
Texts: Statement of Cash Flows—Direct Method
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 $253,220 $238,260
Accounts receivable (net) $91,730 $85,570
Inventories $258,950 $253,380
Investments $0 $98,160
Land $132,820 $0
Equipment $285,700 $224,000
Accumulated depreciation-equipment ($66,890) ($60,410)
Total assets $955,530 $838,960
Liabilities and Stockholders' Equity
Accounts payable $172,950 $165,280
Accrued expenses payable $17,200 $21,810
Dividends payable $9,560 $7,550
Common stock, $10 par $51,600 $41,110
Paid-in capital: Excess of issue price over par-common stock $193,970 $114,100
Retained earnings $510,250 $489