Can someone please help me with this question. I'll upvote for a fast response. Please show the working out so I can understand.

Below are the statements of financial position of Altamont Limited as at 31 March 2018 and 31 March 2017, together with the statement of profit or loss and other comprehensive income for the year ended 31 2018.

Additional information:

(i) During 2018, amortisation of $60,000 was charged on development projects.

(ii) During 2018 items of property, plant and equipment with a carrying amount of $103,000 were sold for $110,000. Profit on sale was netted off against 'other expenses'. Depreciation charged in the year on property, plant and equipment totalled $57,000. Altamont acquired $56,000 of property, plant and equipment by means of leases, payments being made in arrears on the last day of each accounting period.

(iii) The current asset investments are government bonds and management has decided to class them as cash equivalents.

(iv) The new debentures were issued on 1 April 2017. Finance cost includes debenture interest and lease finance charges only. (v) During the year Altamont made a 1 for 8 bonus issue, capitalising its retained earnings, followed by a rights issue.

Required

(a) Prepare a statement of cash flows for Altamont in accordance with IAS 7 using the indirect method.

(b) Comment on the statement of cash flows calculated in part (a) above.

2018 $'000 2017 $'000 Non-current assets Property, plant and equipment Development Expenditure 925 290 1,215 737 160 897 Current assets Inventories Trade receivables Investments Cash 227 324 46 360 274 143 29 806 2021 714 1611 Total assets Equity Share capital-s1 Ordinary shares Share premium Revaluation surplus Retained Earnings 500 350 160 400 100 60 255 815 229 1,239 Non-Current liabilities 12% Debentures Finance Lease Liabilities Deferred Tax 150 100 18 100 SO 298 225 352 Current Liabilities Trade payables Finance Lease Liabilities Current Tax Debenture interest Bank overdraft 153 0 5 184 Total equity and liabilities 571 1.611 2.021 Statement of Comprehensive Income for the year ended 31 December 2018 $,000 Revenue 1476 Cost of sales (962) Gross profit 514 Other expenses (157) Finance costs (15) Profit before tax 342 Income tax expenses (162) Profit for the year 180 Other comprehensive income Gain on revaluation of property, plant & equipment 100 Total comprehensive income for the year 280 2018 $'000 2017 $'000 Non-current assets Property, plant and equipment Development Expenditure 925 290 1,215 737 160 897 Current assets Inventories Trade receivables Investments Cash 227 324 46 360 274 143 29 806 2021 714 1611 Total assets Equity Share capital-s1 Ordinary shares Share premium Revaluation surplus Retained Earnings 500 350 160 400 100 60 255 815 229 1,239 Non-Current liabilities 12% Debentures Finance Lease Liabilities Deferred Tax 150 100 18 100 SO 298 225 352 Current Liabilities Trade payables Finance Lease Liabilities Current Tax Debenture interest Bank overdraft 153 0 5 184 Total equity and liabilities 571 1.611 2.021 Statement of Comprehensive Income for the year ended 31 December 2018 $,000 Revenue 1476 Cost of sales (962) Gross profit 514 Other expenses (157) Finance costs (15) Profit before tax 342 Income tax expenses (162) Profit for the year 180 Other comprehensive income Gain on revaluation of property, plant & equipment 100 Total comprehensive income for the year 280