Flex Company Statement of Profit or Loss for the year ended 31 December 2017 sales less: COGS gross profit operating expenses depreciation expenses other expenses income before taxes income taxes expenses net profit RM RM 750800 269200 481600 15700 173933 189633 291967 89200 202767 Flex Company Statement of Financial position as at 31 December 2017 RM 2017 RM 2016 ASSETS cash 58750 28400 account receivables 20222 25860 closing inventory 165667 140320 land and building 50000 40000 equipment 57750 37500 accumulated depreciation on equipment 46700 31000 Total Assets 305689 241080 LIABILITIES AND EQUITY account payable 20372 157530 income taxes payable 2100 6100 common stock, RM5 par value 40000 25000 paid-in capital in excess of par, common stock 68000 20000 retained earnings 175217 32450 Total Liabilities and equity 305689 241080 Additional information: 1. Purchased equipment for RM20,250 cash. 2. Purchased land for RM10,000 3. Issued 3,000 shares of common stock for RM21 cash per share. 4. Declared and paid RM60,000 in cash dividends. Required: a) Prepare income statement of Cash Flow for year 2017 using direct method b) Prepare income statement of Cash Flow for year 2017 using indirect method