correction

*2017 2016

prepare a cash flow statement either direct or indirect

2018 7,400,000 3,500,000 6,500,000 600,000 42,000,000 32. Albay Company provided the following information: 2017 Cash and cash equivalents 5,600,000 Accounts receivable 3,000,000 Inventory 8,000,000 Prepaid expenses 400.000 Property, plant and 55,000,000 equipment Accumulated depreciation (20,000,000) Accounts payable 6,000,000 Accrued expenses 1,500,000 Note payable - bank (current) 2.000.000 Note payable - bank 10,000,000 (noncurrent) Ordinary share capital 30,000,000 Retained earnings 2,500,000 (16,000,000) 9,500,000 500,000 5,000,000 30,000,000 (1,000,000) Cash needed to purchases new equipment was raised by borrowing from the bank with a long-term note. Equipment costing P2,000,000 and carrying amount of P1.500.000 was sold for P1,800,000. The entity paid cash dividend of P3,000,000 in 2017. Required: Prepare a cash flow statement either the direct method or indirect method