Hills Inc. acquired subsidiary X for 550 ($,000) in 20X2 and also bought Property, plant and equipment for 350($,000). Hills Inc. Consolidated statement of comprehensive income for the period ended 20X2 Sales 30,650 Cost of sales ( 26,000) Gross profit 4,650 Depreciation ( 450) Administrative and selling expenses ( 910) Interest expense ( 400) Investment income 500 Foreign exchange loss ( 40) Profit before taxation 3,350 Taxes on income ( 300) Profit 3,050 (a) (a) The entity did not recognize any components of other comprehensive income in the period ended 20X2 Hills Inc. Consolidated statement of financial position as at end of 20X2 20X2 20X1 Assets Cash and cash equivalents 230 160 Accounts receivable 1,900 1,200 Inventory 1,000 1,950 Portfolio investments 2,500 2,500 Property, plant and equipment net 2,280 850 Total assets 7,910 6,660 Liabilities Trade payables 150 1,890 Interest payable 230 100 Income taxes payable 400 1,000 Long-term debt 2,300 1,040 Total liabilities 3,180 4,030 Shareholders equity Share capital 1,500 1,250 Retained earnings 3,230 1,380 Total shareholders equity 4,730 2,630 Total liabilities and shareholders equity 7,910 6,660 Note: Figures are in ($,000) Additional Notes; 1. It was found out that Hills proceeds from sale of equipment was 20,000 and they also received a dividend of 200,000 and Interest of 200,000. 2. Hill Inc paid lease liabilities of 90,000 3. Had proceeds from Long-term borrowings of 250,000. 4. In May of 20x2 they paid dividend of 1200

Required: A. Prepare the Consolidated Cash Flow Statement for Hills Inc. using Indirect Method.

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