The accounting records for L. Lee Associates, Inc., for the year ended April 30, 2010, contain the following information:

a. Purchase of plant assets, \($55,400

b. Proceeds from issuance of common stock, \($45,000\)

c. Payment of dividends, \($44,400\)

d. Collection of interest, \($8,500\)

e. Payments of salaries, \($93,600\)

f. Proceeds from sale of plant assets, \($27,000\)

g. Collections from customers, \($630,000\)

h. Cash receipt of dividend revenue, \($4,600\)

i. Payments to suppliers, \($374,800\)

j. Depreciation expense, \($58,500\)

k. Proceeds from issuance of long-term notes, \($46,100\)

l. Payments of long-term notes payable, \($39,000\)

m. Interest expense and payments, \($14,000\)

n. Income tax expense and payments, \($45,000\)

o. Cash balance: April 30, 2009, \($39,400;\) April 30, 2010, \($134,400\)

Requirement

1. Prepare L. Lee Associates’ statement of cash flows for the year ended April 30, 2010. Use the direct method for cash flows from operating activities.