1. Omega Company used the direct method to prepare the statement of cash flows. The entity had the following cash flows during the current year: Cash received from issuance of ordinary shares P 2,000,000 Cash receipts from customers 1,000,000 Cash receipts from dividends on long-term investments 150,000 Cash receipts from repayments of loan made to another entity 1,100,000 Cash payments for wages and other operating expenses 600,000 Cash payments for insurance 50,000 Cash payments for dividends 100,000 Cash payments for taxes 200,000 Cash payment to purchase land 400,000 Beginning cash balance 1,700,000 Required: Prepare a statement of cash flows using the direct method for the year ended December 31, 201A. 2. The following is a list of items to be included in the preparation of the statement of cash flows of Randy Company for the year ended December 31, 2013: Gain on retirement of bonds P 184,000 Increase in inventory 134,000 Cash received from sale of land 230,000 Cash received from issuance of note 500,000 Depreciation Expense 214,000 Decrease in accounts receivable 100,000 Payment for purchase of patent 396,000 Decrease in accounts payable 80,000 Payment of cash dividends 600,000 Net profit 1,108,000 Ordinary share exchanged for land 140,000 Payment to retire bonds 555,000 Payment for purchase of equipment 450,000 Loss on sale of investments 96,000 Proceeds from issuance of ordinary shares 1,056,000 Cash balance, December 31, 2014 480.000 Required: Prepare a statement of cash flows using the indirect method for the year ended December 31, 201B