The following information is for the year ended December 31, 2011 for Ace Enterprises. Ace’s Balance Sheet reported Cash

The following information is for the year ended December 31, 2011 for Ace Enterprises. Ace’s Balance Sheet reported Cash and Cash Equivalents of $3,000 at December 31, 2010.

Activity                                                                     Cash Amount

Dividends paid on common stock                                200

Amounts received from customers                              1,800

Interest received on investments                                   200

Sale of land                                                              10,000

Note payable principal payments                                 2,600

Note payable interest payments                                     300

Purchase of equipment                                               4,000

Issuance of common stock                                         1,500

Payments of income tax                                                80

Operating expenses paid                                              500

Required: Prepare Ace’s Statement of Cash Flows for the year ended December 31, 2011 in proper format using the direct method.