Comparative Balance Sheets as at 31 March

	2022	2021
Assets	$	$
Cash at Bank	72,000	35,000
Accounts Receivable (net)	85,000	53,000
Inventory	120,000	132,000
Prepaid Expenses	19,000	25,000
Investments	90,000	75,000
Plant and Equipment	310,000	250,000
Accumulated Depreciation (PPE)	(65,000)	(60,000)
Total Assets	631,000	510,000
Liabilities and Shareholders Equity
Accounts Payable	93,000	75,000
Expenses Payable	29,000	24,000
Notes Payable	130,000	160,000
Share Capital	245,000	170,000
Retained Earnings	134,000	81,000
Total Liabilities and Shareholders Equity	631,000	510,000

Income Statement for the year ended 31 March 2022

	$	$
Sales		480,000
Cost of Sales		(290,000)
Gross Profit		190,000
Expenses:
Operating expense (including depreciation)	77,000
Interest Expenses	18,000
Loss on sale of plant assets	3,000	(98,000)
Profit before tax		92,000
Income tax expense		(15,000)
Profit after tax		77,000

The following additional information was provided:

(a) All sales and purchases were on account.

(b) Accounts payable pertains to inventory creditors.

(c) The depreciation expense for the year amounted to $17,000.

(d) A cash dividend had been paid to shareholders during the year.

(e) Additional plant costing $85,000 was purchased for a cash during the year. The old plant was sold for cash.

(f) Notes with a face value of $30,000 were converted into $30,000 of ordinary shares.

(g) Additional shares were also issued for cash during the year.

(h) Income tax and interest were settled in cash.

Required:

For the purpose of this question, please ignore GST. SHOW ALL YOUR WORKINGS

i) Prepare a cash flow statement for the year ended 31 March 2022 using the direct method.

ii) Prepare a reconciliation of net profit after tax to net cash provided from operating activities.