Prepare the operating activities section of Middleburg Golf Club's statement of cash flows for the year ended September 30, 2018. The company uses the direct method for operating cash flows.

Cost of Goods Sold106,000

Payment of Dividends6,500

Payment to Suppliers113,000

Proceeds from Issuance of Stock22,000

Purchase of Equipment for Cash42,000

Sales Revenue226,000

Payments to employees79,000

Collections from Customers208,000

Payment of Notes payable23,000

Payment of Income Tax17,000

Proceeds from sale of land47,000

Purchase of Treasury Stock5,700

Depreciation Expense9,000