Lemon Ltd requires a Statement of CashFlows to be prepared for the year ended $31$ March $2024$; the following information has been provided for this purpose.

$\backslash$table$[[$As at $31$ March:,$2024,2023],[$Cash$,$$$55000,$$$33000],[$Accounts receivable,$20000,30000],[$Inventory$,15000,10000],[$Prepaid operating expenses,$5000,1000],[$Plant and Equipment,$317000,70000],[$Accumulated depreciation,$14000,6000],[$Accounts payable,$34000,20000],[$Income Tax payable,$-,3000],[$Interest payable,$1670,800],[$Dividends payable,$1000,3000],[$Long term liabilities,$130000,20000],[$Share capital,$70000,50000],[$Retained profits,$161330,41200],[$For the year ended $31$ March:,$2024,],[$Sales$,$$$507000,],[$Expenses:$,150000,],[$COGS$,9000,],[$Depreciation expense,$42000,],[$Interest expense,$3000,],[$Loss on sale of equipment,$111000,],[$Operating expenses,$47000,],[$Income tax expense,,$]]$

Additional information:

$-$During the year ended $31$ March $2024$ an item of equipment, which originally cost $$8000,$ was sold.

$-$Lemon Ltd uses the direct method for presenting cash flows from operating activities $($CFOA$).$

$-$Classify any dividends paid and interest paid as CFOA.

$-$Several items of plant and equipment were purchased during the year ended $31$ March $2024$; a long$-$term liability of $$110000$ was specifically arranged for these purchases.

$-$GST is not applicable.

Required:

$($a$)$ Prepare a Statement of Cash Flows for Lemon Ltd$,$ for the year ended $31$ March $2024,$ in accordance with NZ IAS $7$ Statement of Cash Flows. A reconciliation is required to be prepared in accordance with FRS $44$ NZ Additional Disclosures.

$($b$)$ Lemon Ltd asked you to prepare the CFOA using the indirect method as they are interested in comparing the indirect method to the direct method presentation.