The comparative balance sheet of Graphic Design Studio, Inc., at June 30, 20X9, included these amounts.

Transaction data for the year ended June 30, 20X9:
a. Net income, $60,300
b. Depreciation expense on equipment, $13,400
c. Purchased long-term investment, $4,900
d. Sold land for $46,900, including $6,700 loss
e. Acquired equipment by issuing long-term note payable, $14,300
f. Paid long-term note payable, $61,000
g. Received cash for issuance of common stock, $3,900
h. Paid cash dividends, $38,100
i. Paid short-term note payable by issuing common stock, $4,700
Required
1. Prepare the statement of cash flows of Graphic Design Studio, Inc., for the year ended June 30, 20X9, using the indirect method to report operating activities. Also prepare the accompanying schedule of noncash investing and financing activities. All current accounts except short-term notes payable result from operating transactions.

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Graphic Design Studio Balance Sheet June 30, 20X9 and 20x8 20X9 0x8 (Decrease) Current a ssets: Accounts receivable Inventories Prepaid expens $ 28,600 8,600 20,000 48,800 51,900 (3,100) 8,400 68,600 60,200 2,800 3,700 10,100 74,500 73,600 42,400 5,200 4,900 Long-term investment Equipment, net た 96,000 (53,600) $276,700 $298,300 $(21,600) Current liabilities: Notes payable, short-term.. Accounts payable Income tax payable. Accrued liabilities Interest paya Salary payable 13,400 $18,100 $(4,700) 2,100 (700) 9,700 (1,500) 800 2,600 (1,700) 47,400 94,100 (46,700) 8,600 64,900 22,200 $276,700 $298,300 $(21,600) ...1 42,400 40,300 13,800 14,500 8,200 3,700 2,900 Long-term note payable. Common stock Retained ear nings 59,800 51,200 87,100