Response to the following problem:
Wellness Health Laboratories began 20X4 with cash of $104,000. During the year, Wellness earned service revenue of $600,000 and collected $590,000 from customers. Expenses for the year totaled $420,000, of which Wellness paid $410,000 in cash to suppliers and employees. Wellness also paid $140,000 to purchase equipment and a cash dividend of $50,000 to its stockholders during 20X4.
Prepare the company's statement of cash flows for the year ended December 31, 20X4. Format operating activities by the direct method.