The comparative balance sheets of Susan Saboda Design Studio, Inc., at June 30, 2012 and 2011, and transaction data for fiscal 2012, are as follows:

Transaction data for the year ended June 30, 2012, follows:
a. Net income, $70,600
b. Depreciation expense on equipment, $13,300
c. Purchased long-term investment, $17,700
d. Sold land for $36,400, including $6,700 loss
e. Acquired equipment by issuing long-term note payable, $14,200
f. Paid long-term note payable, $61,100
g. Received cash for issuance of common stock, $13,200
h. Paid cash dividends, $37,700
i. Paid short-term note payable by issuing common stock, $4,900

Requirements
1. Prepare the statement of cash flows of Susan Saboda Design Studio, Inc., for the year ended June 30, 2012, using the indirect method to report operating activities. Also prepare the accompanying schedule of non-cash investing and financing activities. All current accounts except Notes payable, short term 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, $228,600; interest received, $1,400; payments to suppliers, $98,400; payments to employees, $30,700; payments for income tax, $13,200; and payment of interest,$4,400.

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Susan Saboda Design Studio Comparative Balance Sheets June 30, Increase 2012 2011 Decrease Current assets: Cash Accounts receivable Inventories Prepaid expenses S 28,600S 12,200 S 16,400 59,000 22,100 36,900 38,000 40,400 2,300 78,400 (800x Long-term investment Equipment, net Land 2,700 17,700 900 92,800 (43,100 312,300$246,300 66,000 1,500 20,400 74,700 73,800 49,700 Current liabilities: 13,800 18,700 (4,900) 6,000 Notes payable, short-term Accounts payable Income tax payable Accrued liabilities Interest payable Salary payable 46,400 40,400 13,400 15,100 (1,700) 66,500 3,100 63,400 1,200 3,5002,300 800 2,900 (2,100) Long-term note payable Common stock 47,100 94,000 (46,900x 69,300 51,20018,100 18,600 32,900 S312,300 $246,300 S 66,000 Retained earnings 51,500