Additional Exercise 11.3 Here is a comparative statements of financial position for Thorpes Tubing Pty Ltd: THORPES TUBING PTY LTD Comparative statements of financial position 30 June 30 June 2017 2016 sets Cash at bank $60 000 85 000 $22 000 76 000 Accounts receivable 180 000 75 000 Inventory Land 189 000 100 000 260 000 Equipment 200 000 42 000 66 000) Accumulated depreciation $594 000 545 000 iabilities and equity Accounts payable Notes payable (long term) Share capital $34 000 $47 000 200 000 150 000 214 000 164 000 196 000 134 000 Retained earnings $594 000 5545 000 Additional information: 1. Profit for 2017 was $105 000. Total expenses were $873 000 and Included cost of sales expense $528 000, Interest pald $15 000, tax expense $45 000, depreciation $24 000 and other operating expenses $261 000 2. Cash dividends of $43 000 were declared and paid 3. Notes payable amounting to $50 000 were redeemed for cash $50 000 4. Ordinary shares were issued for $50 000 cash 5. Sales for 2017 were $978 000 6. Land was sold at cost. Complete the statement of cash flows for 2017 using the direct method. (If an amount in the Investing or financing sections decreases cash flow, then show it with a negative (-) sign preceding the number, i.e.-14 500. It is not necessary to use negatives for the operating section. For multiple items list with highest positive numbers first followed by highest negative numbers.) Cash Flow Statement For the Year Ended 31 December 2017 Cash flows from operating activities Cash receipts from customers Cash payments: Yby operating Net cash activities investing activities ash flows by investing activities Net cash Cash flows from financing activities by financing activities Net cash in cash Net Cash at beginning of period Cash at end of period