A summary of cash flows for Paradise Travel Service for the year ended May 31, 2018, follows:
Cash receipts:
Cash received from customers...............................................................$880,000
Cash received from issuing common stock...................................................40,000
Cash payments:
Cash paid for operating expenses.............................................................758,000
Cash paid for land..............................................................................150,000
Cash paid as dividends...........................................................................10,000
The cash balance as of June 1, 2017, was...................................................$50,000.
Prepare a statement of cash flows for Paradise Travel Service for the year ended May 31, 2018.