Use the data in Short Exercise S12-10 to prepare Millbrook Golf Club, Inc.'s, statement of cash flows for the year ended June 30, 20X9. Millbrook uses the direct method for operating activities. Use Exhibit 12-13, page 642, as a guide, but you may stop after determining the net increase (or decrease) in cash.

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Cost of goods sold Payments to suppliers Purchase of equipment Payments to employees Payment of note payable.. $100,000 87,000 40,000 70,000 30,000 60,000 8,000 $6,000 Payment of dividends Proceeds from issuance of common stock Sales revenue Collections from customers Payment of income tax Purchase of treasury stock... 20,000 210,000 ...180,000 10,000 5,000 sale of land.. Depreciation expense