The 2011 accounting records of Verlander Transport reveal these transactions and events.
Payment of interest $ 10,000
Collection of accounts receivable $182,000
Cash sales 48,000
Payment of salaries and wages 53,000
Receipt of dividend revenue 18,000
Depreciation expense 16,000
Payment of income taxes 12,000
Proceeds from sale of vehicles 12,000
Net income 38,000
Purchase of equipment for cash 22,000
Payment of accounts payable for merchandise 115,000
Loss on sale of vehicles 3,000
Payment of dividends 14,000
Payment for land 74,000
Payment of operating expenses 28,000
Instructions
Prepare the cash flows from operating activities section using the direct method. (Not all of the items will be used.)