The income statement and additional data of McKnight Corporation? follow:

The income statement and addtional data of Mcknight Corporation follow. 1 (Click the lcon to vlew the addltional data.) EEB (Click the icon to vlew the Income Statement) Prepare McKnight Corporalion's slatement of cash laws for the year ended June 30, 2016. Use the direct methad. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the slatement leave the bax emply, do not select a label or enter a zero.) Complats the statament one section at a time, baginning with the cash flows from operating activities. Data Table i More Into Statement of Cash Flows McKnight Corporation Income Statement Year Ended June 30, 2016 Year Ended June 30, 2016 Cash Flows from Operating Activities a. Collections from customers are $13,000 more than sales b. Dvidend revEnua, interest expanse, and incoms tax expense equal their cash amounts Payments to suppliers are the sum of cost af goods sold plus advertising Bxpene Salles Revenue Cost of Goods Sold Gross Profit Operating Expenses: S 230,000 102,000 128,000 c. d. Payments to employses are $2,500 mare than salaries expanse e. Cash payment lor the acquisition of plant assets is 5100,000 f. Cash receipts from sale of land total S24,000 g. Cash receipts from issuance of common stock total $38,000 h. Payment of long-term notes payable is $10,000 i. Payment of dividends is $8,000 J. Csh balance at June 30, 2015, was S25,000; at June 30, 2016, it was Total Cash Receipts Payments Salaries Expense $ 40,000 26,000 11.500 Advertising Expense 7,500 Tolal Operaling Expenses 559,000 Operating Income Other Revenues and (Expensesj 50,500 PrintDone Dividend Revenue Interest Expense Total Other Revenues and (Expenses) 11,000 Total Cash Payments Net Cash Provided by (Used for) Operating Activities Choose from any list or enter any number in the input telds and then click Check Answer Net Income Before Income Taxes income Tax Expense Net Income 60,500 7,000 S 53,500 Clear All