7-27 Frey Company's 2014 cash flow statement, as developed by its bookkeeper, is as follows: FREY COMPANY Cash Flow Statement December 31, 2014 Cash Inflows: Receipt from sale of equipmen1,500 Collections from customers.... 50,800 Receipt from issuance of note payabl. 5,900 Total inflos $58,200 Cash Outflows: $24,300 Payments to employees Withdrawals by owner.. 5,000 Payment to purchase land Payments to suppliers.19.400 8,000 Total outflows Increase in Cas.h. Cash, January 1,2014. Cash, December 31, 201.. 56,700 1,500 4,400 $5.900 .. You determine that the amounts of the items listed on the statement are correct but are incorrectly classified. Required: Prepare a correct 2014 cash flow statement for Frey Company