Inland Equipment, Inc., assembled the following data related to its cash transactions for the year ended June 30, 2010.

Payment of Dividends: $6,000 Proceeds from issuance of stock: 20,000 Collections from customers: 200,000 Proceeds from sale of land: 60,000 Payments to suppliers: 80,000 Purchase of equipment: 40,000 Payments to employees: 70,000 Payment of note payable: 30,000

Prepare Inland Equipments statement of cash flows for the year ended June 30, 2010 using the direct method. Inland Equipments cash balance at December 31, 2009 was $12,000.