The income statement and additional data of Rolling Hills Corporation follow (Click the icon to view the Income Statement) (Click the icon to view the additional dala) Prepare Roling Hills Corporation's statement of cash flows for the year ended June 30, 2024. Use the direct method (Use a minus sign or parentheses for amounts that result in a decrease in cash if a box is and used in the chatement Save the hex mely do not select a lahel ne onfer a Complete the statement one section at a time, beginning with the cash flows from oporating activities Rolling Hills Corporation Statement of Cash Flows Year Ended June 30, 2024 Cash Flows from Operating Activities Recepts t Total Cash Recept Payments Total Cash Payments Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease) in Cash Cash Balance, June 30, 2023 Cash Balance, June 30, 2024 a. b. C. Collections from customers are $13,500 more than sales. 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 Payments to employees are $2,000 more than salaries expense Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses $ 231,000 100,000 122,000 d. e. Cash payment for the acquisition of plant assets is $105,000 Salaries Experise $ 49,000 f. Cash receipts from sale of land total $27,000 Depreciation Expense-Plant Assets 20.000 g Cash receipts from issuance of common stock total $35,000 h. Payment of long-term notes payable is $13,000 Advertising Expense 10.500 L Payment of dividends is $8,500 79.500 Total Operating Expenses Cash balance at June 30, 2023, was $26,000, at June 30, 2024, it was Operating Income 42.500 $36,000 Other income and Expomen Dividend Revenue 11.500 (4,000) Interest Expense Print Done Total Other income and (Expenses) 7,500 Net income Before income Taxes 50,000 7.000 Cash Flows from Financing Activities Income Tax Expense 43,000 Net Income