Nemo’s Spas began 2018 with cash of $32,000. During the year, Nemo’s Spas earned service revenue of $610,000 and collected $572,000 from customers. Expenses for the year totaled $449,000, of which Nemo’s Spas paid $417,000 in cash to suppliers and employees. Nemo’s Spas also paid $84,000 to purchase equipment and paid a cash dividend of $57,000 to its stockholders during 2018. Prepare the company’s statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities using the direct method.