The income statement and additional data of Best Corporation follow:

BEST CORPORATION Income Statement Year Ended June 30, 2012
Revenues:
Sales revenue	$231,000
Dividend revenue	8,000	$239,000
Expenses:
Cost of goods sold	$102,000
Salary expense	48,000
Depreciation expense	28,000
Advertising expense	13,000
Income tax expense	11,000
Interest expense	3,000	205,000
Net income		$34,000

Additional data follow: a. Collections from customers are $ 15,500 more than sales. b. Dividend revenue, interest expense, and income tax expense equal their cash amounts. c. Payments to suppliers are the sum of cost of goods sold plus advertising expense. d. Payments to employees are $ 1,000 more than salaries expense. e. Cash payment for the acquisition of plant assets is $ 102,000. f. Cash receipts from sale of land total $ 24,000. g. Cash receipts from issuance of common stock total $ 32,000. h. Payment of long-term notes payable is $ 17,000. i. Payment of dividends is $ 10,500. j. Cash balance at June 30, 2014, was $ 25,000; at June 30, 2015, it was $ 28,000.

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