Golden Square Retirement Home - Trail Balance at 31 December 2006 Dr 1.000 2005 Dr Cr Cr 500 75,000 Bank Balance Capital - 1 January 75,000 500 1,000 Accounts Payable 2.500 2.000 Accounts Receivable Distributions 10,000 11.000 14.000 14,500 Furniture at cost, less Accumulated depreciation 120,000 100.000 Land & Buildings at cost 50,000 40.000 Long-term Loans 12,000 11,000 Profit for the period Dr Cr 20,000 2.000 The profits were arrived at as follows Dr Cr Rent Income 22,000 Depreciation of 1,500 Furniture Administration Exp 8,500 (10,000) Profit for the 12,000 period No non-current assets were sold 7,000 (9,000) 11,000 REQUIRED Prepare a statement of Cash flows for the year ended 31 December 2005, using the direct methods