The 2010 accounting records of Spaulding Transport reveal these transactions and events.

Instructions
Prepare the cash flows from operating activities section using the direct method. (Not all of the items will beused.)

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10,000 Payment of salaries and wages 48,000 Depreciation expense Payment of interest Cash sales Receipt of dividend revenue Payment of income taxes Net income Payment for merchandise Payment for land Collection of accounts receivable 192,000 53,000 16,000 18,000 Proceeds from sale of vehicles 812,000 12,000 Purchase of equipment for cash 22,000 3,000 14,000 74,000 Payment of operating expenses 28,000 38,000 Loss on sale of vehicles 105,000 Payment of dividends