The following statement of cash flows for Shasta Inc. was not correctly prepared:

a. List the errors you find in the statement of cash flows. The cash balance at the beginning of the year was $240,000. All other amounts are correct, except the cash balance at the end of the year.
b. Prepare a corrected statement of cash flows.

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Shasta Inc. Statement of Cash Flows For the Year Ended December 31, 20Y9 Cash flows from operating activities: 360,000 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation. 17,280 27,360 (3,600) Changes in current operating assets and liabilities: Decrease in accrued expense s payable Net cash flow from operating a ctivities... $463,440 Cash flows from (used for) investing activities: 240,000 Cash used for purchase of land..... .. . Cash used for purchase of equipment..... Net cash flow used for investing activities (432,000) (415,200) Cash flows from (used for) financing activities: Cash from sale of common stock Cash used for dividends . . . . . Net cash flow from financing activities.... 312,000 (132000) 180,000 47,760 192,240 240,000 Cash at the end of the year..._.... . Cash at the beginning of the year...... ..