Below are the statements of financial position of Steven Ltd as at 30 June 2016 and 2017, and its statement of profit or loss and statement of changes in equity for the year ended 30June 2017:

		2016	2017
Assets Cash at bank Accounts receivable Inventory Prepaid insurance Land Machinery Accumulated depreciation: machinery Total assets	$ $	6500 37500 66000 3500 44800 300000 (67000) 391300	$ $	23000 33500 82000 2500 40000 360000 (81000) 460000
Liabilities Accounts payable Interest payable Other accrued expenses Long-term borrowings Equity Share capital Retained earnings Total liabilities and equity	$ $	22000 3400 4500 120000 100000 141400 391300	$ $	25000 3000 7000 145000 170000 110000 460000

	STEVEN LTD Statement of Profit or Loss for the year ended 30 June 2017
	Income Sales Lease income received Gain on the sale of machinery Less: Expenses Cost of sales Interest expense Loss on the sale of land Depreciation expense Insurance expense Other operating expenses Profit for the year	$ $	420000 7500 9000 281000 11500 10000 22000 3 500 81 500		$ $	436 500 409500 27000

	STEVEN LTD Statement of Changes in Equity for the year ended 30 June 2017
		Share capital		Other reserves		Retained earnings			Total
	Balance at 1/7/16 Profit the period Dividends paid Issue of share capital Balance at 30/6/17	$100000 70000 $170000				$ $	141400 27000 (58400) 110000			$ $	241400 27000 (58400) 70000 280000

Additional information

(a) Land with an original cost of $44 800 was sold for cash of $34 800 during the year.

(b) Machinery with a carrying amount of $25 000 (cost $33 000 and accumulated depreciation $8000) was sold for cash of $34 000.

(c) Lease income is earned from leasing part of the land holdings that are in excess to operating needs.

(d) Ignore income tax.

Required

Prepare the statement of cash flows of Steven Ltd for the year ended 30 June 2017 based on the direct method of presentation.