(25 marks):Question Seven The following are income statement and comparative statement of financial position for Nobel Corporation for the year ended 31/12/2019 sales C.G.S gross income Operating expenses income from operating 1,160,000 (848,000) 312000 (284,100) Income from investment equity methods Interest expenses Other gain or losses tax 27900 6000 (5750) 6400 (2650) ASSETS Land Building Accum -building Equipment 2019 50000 122500 78500 -30000 -23000 53000 2018 50000 net income 31900 Comparative statement of financial positions for the year ended 31/12/2019 L. S. Equity 2019 2018 Share ordinary 140000 102000 Share premium 10000 4000 Retained earning 73400 51500 46000 Mortgage 73000 53400 5 Accum -equipment -19000 -15500 Bonds payable 50000 62500 Furniture Accum Furniture 39000 -22000 -20500 39000 Accounts payable 26000 16000 Notes payable 4000 6000 Patents 17500 0000 Tax payable 3000 4600 Inventories 81500 57000 Equity investment 25000 19000 Prepaid expenses 4200 2500 Account 43000 45000 receivables Allowance for -1800 -2000 dout. cash 16500 24000 Total assets 379400 300000 Totals 379400 300000 Additional information: 1) Building was exchange with ordinary shares. 2) Equipment with cost 23000 and accumulated depreciation 8000 was sold for $21400. 3) Operating expenses include depreciation. 4) Interest expenses include 500 of amortization discount bonds 5) Dividend are declared and paid during the year $10000 Required: 1- Prepare the statement of cash flows for the year ended 31/12/2019under direct method?Prepare cash from operating under indirect method