The income statement and additional data of Rolling Hills Corporation follow:

Prepare Rolling Hills Corporation's statement of cash flows for the year ended June 30, 2018. Use the direct method.

The income statement and additional data of Rolling Hills Corporation follow: (Click the icon to view the Income Statement.) 0 (Click the icon to view the additional data) Prepare Rolling Hills Corporation's statement of cash flows for the year ended June 30, 2018. Use the direct method. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the statement leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Rolling Hills Corporation Statement of Cash Flows Year Ended June 30, 2018 Cash Flows from Operating Activities Receipts Total Cash Receipts Payments Total Cash Payments Net Cash Provided by (Used for) Operating Activities Rolling Hills Corporation Income Statement Year Ended June 30, 2018 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses $ 228,000 109,000 119,000 Salaries Expense Depreciation Expense-Plant Assets Advertising Expense Total Operating Expenses $ 44,000 22,000 14,000 80,000 39,000 Operating Income Other Income and (Expenses) Dividend Revenue Interest Expense Total Other Income and (Expenses) 7,500 (5,000) Net Income Before Income Taxes Income Tax Expense Net Income 2,500 41,500 7,000 $ 34,500 a. Collections from customers are $17,000 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 $104,000 f. Cash receipts from sale of land total $21,000 g. Cash receipts from issuance of common stock total $34,000 h. Payment of long-term notes payable is $20,000 i. Payment of dividends is $9,500. Cash balance at June 30, 2017, was $26,000; at June 30, 2018, it was $20,000