The comparative balance sheet of House Construction Co. for June 30, 2010 and 2009, is as follows:

The income statement for the year ended June 30, 2010, is as follows:

The following additional information was taken from the records:
a. Equipment and land were acquired for cash.
b. There were no disposals of equipment during the year.
c. The investments were sold for $54,000 cash.
d. The common stock was issued for cash.
e. There was a $60,000 debit to Retained Earnings for cash dividends declared.
Instructions
Prepare a statement of cash flows, using the direct method of presenting cash flows from operatingactivities.

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June 30, 2010 June 30, 2009 Assets $ 41,600 121,900 $ 28,200 110,700 170,500 60,000 Cash Accounts receivable (net). Inventories 175,600 Investments Land 174,000 258,000 Equipment. Accumulated depreciation 210,600 (49,600) (58,300) $712,800 $530,400 Liabilities and Stockholders' Equity $121,000 18,000 15,000 67,200 264,000 Accounts payable (merchandise creditors).. Accrued expenses payable (operating expenses) Dividends payable. Common stock, $1 par.. Paid-in capital in excess of par-common stock Retained earnings. $114,200 15,800 12,000 60,000 120,000 208,400 227,600 $712,800 $530,400