The income statement and additional data of Mcknight Corporation follow EE (Click the icon to view the Income Statement) Click the icon to view the additional data) Prepare McKnight Corporation's statement of cash flows for the year ended June 30, 2018. Use the direct method. not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. McKnight Corporation Statement of Cash Flows Year Ended June 30, 2018 Cash Flows from Operating Activities: Receipts Total Cash Receipts Payments Choose from any list or enter any number in the imput felds and then continue to the next question Data Table Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses $ 232,000 102,000 130,000 Salaries Expense Depreciation Expense-Plant Assets Advertising Expense Total Operating Expenses S 42,000 27,000 13,500 82,500 Operating Income 47,500 Other Income and (Expenses) Dividend Revenue Interest Expense Total Other Income and (Expenses) 9,000 (2,000) 7.000 54.500 6,500 S 48.000 Net Income Before Income Taxes income Tax Expense Net income PrintDone More Info Advertiglg a. Collections from customers are $14,000 more than sales. b. Total Operating Exp erating Income er Income and (Ex Dividend Reven Interest Expens Total Other In Income Befor 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 $2,500 more than salaries expense. e. Cash payment for the acquisition of plant assets is $108,000 f. Cash receipts from sale of land total $22,000 g. Cash receipts from issuance of common stock total $29,000. h. Payment of long-term notes payable is $13,000 i. Payment of dividends is $9,500 j. Cash balance at June 30, 2017, was $29,000, at June 30, 2018, It was ome Tax Exp $36,000. Income n continue Print Done i Data Table a decrease in cash. If a box is not used in the statement leave the box empty McKnight Corporation Income Statement Year Ended June 30, 2018 More Info Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: S 232,000 102,000 130,000 a. Collections from customers are $14,000 more than sales b. Dividend revenue, interest expense, and income tax expense equal their cash amounts. Payments to suppliers are the sum of cost of goods sold plus advertising expense Salaries Expense Depreciation Expense-Plant Assets Advertising Expense Total Operating Expenses S 42,000 27,000 13,500 c. d. Payments to employees are $2,500 more than salaries expense e. Cash payment for the acquisition of plant assets is $108.000 f. Cash receipts from sale of land total $22,000 g. Cash receipts from issuance of common stock total $29,000 h. Payment of long-term notes payable is $13,000 i. Payment of dividends is $9.500 j. Cash balance at June 30, 2017, was $29,000 at June 30, 2018, it was 82,500 Operating Income Other Income and (Expenses) 47,500 9,000 Dividend Revenue $36,000 Interest Expense 7,000 Total Other Income and (Expenses) Print Done Print Done