The accounting records of Koltire Auto Parts Ltd. reveal the following:

Required
Compute cash flows from operating activities by the direct method. Use the format of the operating activities section of Exhibit 17-12.

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Acquisition of land..... 89,000 Loss on sale of land 6,000 78,000 50,000 Net income. 78,000 Payment of accounts payable.. 110,000 Cash sales. Collection of accounts Paymenk of divic i00 8,000 14,000 receivable. 186,000 Collection of dividend revenue..4,000 52,000 Payment of income tax Payment of interest Payment of salaries Decrease in crent liabilities Increase in current assets 76,000 other than cash. ....48,000