5. (PSA11.4) These are the financial statements of Metro Meats Ltd: 2014 METRO MEATS LTD Statement of Financial Position as at 31 December 2015 2015 Assets Cash $29 000 Accounts receivable 28 000 Inventory 25 000 Property, plant and equipment 60 000 Accumulated depreciation (20 000) Total $122 000 Liabilities and equity Accounts payable 26 000 Dividends payable 3 000 Income tax payable 5 000 Debentures payable 27 000 Share capital 18 000 Retained earnings 43 000 Total $122 000 $15 000 14 000 35 000 78 000 (24 000) $118 000 $ 25 000 8 000 33 000 14 000 38 000 $118 000 METRO MEATS LTD Statement of Profit or Loss for the year ended 31 December 2015 Sales $250 000 Cost of sales 210 000 Gross profit 40 000 Selling expenses 18 000 Administrative expenses 6 000 Interest expense 2 000 Profit before income tax 14 000 Income tax expense 4 000 Profit $_10 000 The following additional data were provided: 1. The entity paid an interim dividend of $2 000 and declared a final dividend. 2. During the year equipment was sold for $8 500 cash. This equipment cost $18 000 originally and had a carrying amount of $8 500 at the time of sale. 3. All depreciation expense is in the selling expense category. 4. All operating expenses except for depreciation were paid in cash. Required Prepare a statement of cash flows using the direct method