GAINS AND LOSSES ON THE SALE OF LONG-TERM ASSETS The income statement for Hubbard's Professional Edge Tennis Camp follows. Assume that all revenues and expenses were for cash and that land was sold for $500. There were no other investing or financing activities during the year. The Cash balances at the beginning and end of the year were $100 and $1,000, respectively. Prepare a statement of cash flows under the indirectmethod.

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Hubbard's Professional Edge Tennis Camp Income Statement For Year Ended December 31, 20-2 Sales (all cash) $2 00 이 이 00 16 0 0 00 $ 4 0 0 00 100 00 Wages experse (all cash) Operating income Gain on sale of land Net income $ 5 0 0 00