Statement of Cash Flows – The following is a list of the items to be included in the preparation of the 2007 statement of cash flows for the Yellow Company:
1. Proceeds from sale of land, $2,100
2. Payments of interest, $5,000
3. Equipment acquired by capital lease, $7,200
4. Proceeds from issuance of preferred stock, $11,000
5. Other operating payments, $1,300
6. Interest and dividends collected, $4,700
7. Payments to employees, $20,300
8. Payment for purchase of investments, $12,100
9. Collections from customers, $54,500
10. Payments of income taxes, $2,900
11. Payment of dividends, $5,200
12. Other operating receipts, $1,600
13. Payments to suppliers, $29,500
14. Beginning cash balance, $29,700
Required
Prepare the statement of cash flows using the direct method for operating cash flows.