Dural Trade Ltd Balance Sheet (Statement of financial position) as at: 2017 $ 2018 $ Assets Bank 71,760 92,400 Accounts receivable 115,200 131,760 Inventory 130,320 152,520 Investments 108,000 - Land - 122,400 Equipment 396,000 501,200 Accumulated depreciation - equipment (171,360) (204,560) TOTAL ASSETS 649,920 795,720 Liabilities and Shareholders Equity Accounts payable 73,200 82,680 Operating expenses accrued 6,000 7,320 Dividend payable 14,400 17,280 Share capital (Ordinary shares @ $2 each) 360,000 432,000 Share premium 17,280 31,680 Retained earnings 179,040 224,760 TOTAL LIABILITIES AND EQUITY 649,920 795,720 Dural Trade Ltd Income statement for the year ended 31st December 2018 $ $ Sales 1,432,800 Less: Cost of sales 850,680 Gross profit 582,120 Add: Gain on sale of investments 9,600 591,720 Less: Operating expenses Depreciation expenses 43,200 Other expenses 403,200 446,400 Profit before tax 145,320 Less: Tax expense 34,800 Net profit after tax 110,520 3 Additional information: (i) Cash purchases of land and equipment were made during the year. (ii) An equipment was sold at its net book value for $25,400 for cash. (iii) The investments were sold for cash at $117,600. (iv) A rights issue at a premium price was made on the basis of 1 share for every 20 held. A bonus share, which was made out of retained earnings, was also given for every rights issue share. Cash has been received for the rights issue. (v) The directors declared a cash dividend during the year. REQUIRED: Prepare a Cash Flow Statement for Dural Trade Ltd forthe year ended 31 December 2018 from the above information given (note that you should use the Direct Approach).