Ethan Corporation accountants have assembled the following data for the year ended June 30, 2018:

Prepare Ethan Corporation's statement of cash flows for the year ended June 30, 2018. The company uses the indirect method for operating activities.

Net income $ ? Cost of goods sold $ 111,000 Payment of dividends 6,500 Other operating expenses 38,000 Proceeds from the issuance Purchase of equipment of common stock 16,000 with cash 34,000 Sales revenue 222,000 Decrease in current liabilities . . . 8,000 Increase in current assets Payment of note payable.. 33,000 other than cash 33,000 Proceeds from sale of land .. 28,000 Purchase of treasury stock 9,000 Depreciation expense 10,000