A summary of cash flows for Paradise Travel Service for the year ended May 31, 20Y6, follows: Cash receipts: Cash received from customers $880,000 Cash received from issuing common stock 40,000 Cash payments: Cash paid for operating expenses 758,000 Cash paid for land 150,000 Cash paid as dividends 10,000 The cash balance as of June 1, 20Y5, was $50,000