The comparative balance sheets of Stephen Summers Design Studio, Inc., at June 30, 2010 and 2009, and transaction data for fiscal 2010 are as follows:

Transaction data for the year ended June 30, 2010:
a. Net income, $80,700
b. Depreciation expense on equipment, $13,900
c. Purchased long-term investment, $4,700
d. Sold land for $54,900, including $6,500 loss
e. Acquired equipment by issuing long-term note payable, $14,600
f. Paid long-term note payable, $61,400
g. Received cash for issuance of common stock, $2,400
h. Paid cash dividends, $48,400
i. Paid short-term note payable by issuing common stock, $5,000

Requirements
1. Prepare the statement of cash flows of Stephen Summers Design Studio, Inc., for the year ended June 30, 2010, using the indirect method to report operating activities. Also prepare the accompanying schedule of noncash investing and financing activities. All current accounts except short-term notes payable result from operating transactions.
2. Prepare a supplementary schedule showing cash flows from operations by the direct method. The accounting records provide the following: collections from customers, $241,700; interest received, $1,700; payments to suppliers, $118,600; payments to employees, $41,900; payments for income tax, $12,900; and payment of interest,$4,900.

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Stephen Summers Design Studio Comparative Balance Sheets June 30, Current assets: 28,900 21,000 S 7,900 48,800 1,700 17,100 78,400 80,700 2,300) Accounts receivable 3100 2,200 5,600 74,000 73,300 10.300 4,700 Equipment. $276,600 $309,000 $(32,400) Current liabilities: Notes payable, short-term.. Accounts payabl Income tax paya Accrued liabilitics Interest payable Salary payable S 14,000 $19,000 $5,000) 29,400 40,400 (11,000) 13,200 14,400 1200) 3,700 9,400 (s,700) 1,000 4,400 (3,400 47,200 94,000 (46,800) 7,400 105,300 73,000 32,300 $276.600 $309,000 $(32,400) 3,400 1,000 2,400 Long-term note payable Common s Retained 59,400 52,000 2