The 2012 accounting records of Pape Transport reveal these transactions and events.
| Payment of interest | $ 10,000 | Payment of salaries and wages | $ 53,000 |
| Cash sales | 48,000 | Depreciation expense | 16,000 |
| Receipt of dividend revenue | 18,000 | Proceeds from sale of vehicles | 812,000 |
| Payment of income taxes | 12,000 | Purchase of equipment for cash | 22,000 |
| Net income | 38,000 | Loss on sale of vehicles | 3,000 |
| Payment for merchandise | 97,000 | Payment of dividends | 14,000 |
| Payment for land | 74,000 | Payment of operating expenses | 28,000 |
| Collection of accounts receivable | 195,000 |
Instructions
Prepare the cash flows from operating activities section using the direct method.
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