Here is a comparative statements of financial position for Thorpes Tubing Pty Ltd: THORPES TUBING PTY LTD Comparative statements of financial position 30 June 2017 30 June 2016 Assets $60 000 $22 000 Cash at bank 76 000 85 000 Accounts receivable 189 000 180 000 Inventory 100 000 75 000 Land 200 000 260 000 Equipment (42 000) (66 000) Accumulated depreciation $545 000 $594 000 Liabilities and equity $34 000 $47 000 Accounts payable 150 000 200 000 Notes payable (long term) MacBook Air Liabilities and equity $47 000 $34 000 150 000 Accounts payable Notes payable (long term) Share capital Retained earnings 200 000 164 000 214 000 196 000 134000 $545 000 $594 000 Additional Information: 1. Profit for 2017 was $105 000. Total expenses were $873 000 and included cost of sales expense $528 000, interest paid $15000 tax expense $45 000, depreciation $24 000 and other operating expenses $261000. 2. Cash dividends of 543 000 were declared and paid. 3. Notes payable amounting to 550 000 were redeemed for cash $50 000 4. Ordinary shares were issued for $50 000 cash 5. Sales for 2017 were $978 000. 6. Land was sold at cost Complete the statement of cash flows for 2017 using the direct method. (If an amount in the investing or financing sections decreases cash flow, then show it with a negative (-) sign preceding the number, le-14 500. It is not necessary to use negatives for the operating section for multiple iterns list with highest positive numbers first followed by highest negative numbers.) THORPES TUBING PTY LTD Cash Flow Statement For the Year Ended 31 December 2017 Cash flows from operating activities $ Cash receipts from customers Cash payments: $ Net cash by operating activities Cash flows from investing activities Net cash by Investing activities Cash flows from financing activities Cash flows from financing activities Net cash by financing activities Net Incash Cash at beginning of period Cash at end of period Compute these cash-basis ratios: (Round each answer to 2 decimal places (1) Current cash debt coverage time (2) Cash debt coverage times