Inland Equipment’s accountants assembled the following data for the year ended June 30, 2010.

Prepare Inland Equipment’s statement of cash flows for the year ended June 30, 2010 using the indirect method. The cash balance for Inland Equipment, Inc., at December 31, 2009 was $12,000.

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Net Income. $60,000 Proceeds from issuance of Purchase of equipment......... Decrease in $40,000 common stock 20,000 current liabilities... 5,000 Payment of dividends.. 6,000 Payment of note payable..... 30,000 Increase in current assets Proceeds from other than cash 30,000 sale of land. 60,000 Purchase of treasury stock....... 5,000 Depreciation Expense....... 15,000