A summarised comparative statement of financial position of Findlay Ltd is presented below.

	30 June 2019	30 June 2020
Cash	40000	182000
Trade receivables	130000	180000
Inventories	116000	124000
Prepayments	20000	24000
Land	160000	180000
Plant	540000	640000
Accumulated depreciation	(120000)	(184000)
	$906000	$1146000
Accounts payable	$90000	$96000
Borrowings	320000	400000
Share capital	400000	460000
Retained earnings	96000	190000
	$906000	$1146 000

Additional information

• There were no disposals of land or plant during the year.
• A $60000 borrowing was settled through the issue of ordinary shares. There were no other repayments of borrowings.
• Profit for the year was $240000, interest expense was $28000, and income tax expense was $82000. There were no items of other comprehensive income.
• A $146000 dividend was paid during the year.
• Sales revenue for the year was $600000. There was no other revenue.

Required:

(a) Using the indirect method, prepare a statement of cash flows in accordance with IAS 7

for the year ended 30 June 2020. (10 marks)

(b) Prepare the operating section of the statement of cash flows using the direct method.

(5 marks)