A summarised comparative statement of financial position of Waikato Ltd is presented below, together with the statement of profit or loss and other comprehensive income for the year ended 30 June 20X2:

	30 June 20X1 ($000)	30 June 20X2 ($000)
Cash	176	269
Accounts receivables	220	284
Allowance for impairment loss	(30)	(70)
Inventory	90	100
Plant	400	420
Accumulated depreciation - plant	(40)	(40)
Buildings	400	400
Accumulated depreciation - buildings	(40)	(60)
Land	100	250
	1276	1553
Accounts payable	80	93
Accrued expenses	10	20
Income tax payable	76	88
Borrowings	100	110
Share capital	400	500
Retained earnings	610	692
Land revaluation reserve	-	50
	1276	1553

Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 20X2
	Amount ($000)
Sales	885
Cost of sales	(240)
Gross profit	645
Wages	(200)
Lease rentals	(70)
Depreciation - building	(20)
Depreciation - plant	(70)
Impairment of accounts receivable	(40)
Electricity and rates	(45)
Interest expense	(11)
Profit before tax	189
Income tax expense	(57)
Profit for the year	132
Other comprehensive income
Gain on revaluation of land	50
Total comprehensive income	182

Additional information

a) There have been no cash sales.

b) Land with a fair value of $100,000 has been acquired by the issue of 100,000 paid ordinary shares for $1 per share.

c) Wages and lease rentals are accrued prior to payment. Accrued expenses on the statement of financial position are for wages and lease rentals.

d) Electricity and rates and interest expense are paid as incurred.

e) The accounts payable is for inventories purchased.

f) During the year, plant that cost $100,000 and that has accumulated depreciation of $70,000 is sold for $30,000 cash. The company also purchased an item of plant for cash.

g) A $50 dividend has been paid during 20X2.

h) Ignore deferred tax on land revaluation gain.

i) Treat interest and divided paid as financing cash flows.

Required: Using the direct method of presenting cash flows from operating activities, prepare a statement of cash flows in accordance with NZ IAS 7 for the year ended 30 June 20X2.