The following project costs have been estimated relating to the upgrading of some equipment;

: all the costs are ae incurred solely because of the project:

Ignoring tax, prepare a statement showing the outlays of cash on the project in 2004 and 2005. The new facility will be in full use from 1 July 2005.

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2004 January 1 One year's rent on premises paid 12,000 31 Equipment purchased 20,000 March 31 Installation of equipment completed and paid 4,000 December 31 Costs incurred in commissioning equipment 8,000 2005 January 1 One year's rent on premises paid 12,000 March 31 Additional commissioning costs paid 6,000 May 31 Training costs paid 3,000 June 30 Additional working capital provided 16,000 December 31 Cash proceeds from sale of old equipment 5,000