Presented below are the financial statements of Abdulwahab Company Ltd. ABDULWAHAB COMPANY LTD. Comparative Statements of Financial Position December 31 Assets 2019 2018 Equipment KD 60,000 KD 78,000 Accumulated depreciation equipment (29,000) (24,000) Inventory 30,000 25,000 Accounts receivable 33,000 14,000 Cash 31.000 20.000 Total KD 125,000 KD 113,000 Equity and Liabilities Share capital-ordinary KD 20,000 KD 14,000 Retained earnings 54,000 43,000 Bonds payable 15,000 33,000 Accounts payable 29,000 15,000 Income taxes payable 7.000 8.000 Total KD 125,000 KD 113,000 ABDULWAHAB COMPANY LTD. Income Statement For the Year Ended December 31, 2019 Sales revenue KD 242,000 Cost of goods sold 175.000 Gross profit 67,000 Operating expenses 25,000 Income from operations 42,000 Interest expense 3,000 Income before income taxes 39,000 Income tax expense 8.000 Net income KD 31,000 Additional data: 1. Dividends declared and paid were KD 20,000, 2. During the year, equipment was sold for KD 8,700 cash. This equipment cost KD 18,000 originally and had accumulated depreciation of KD 8,300 at the time of sale. INSTRUCTIONS Prepare a statement of cash flows using the indirect method PHANTOM COMPANY LTD. Statement of Cash Flows Proctond is shang your screen Stop sharing Hode For the year ending in December 31, 2019 Prepare a statement of cash flows using the indirect method. PHANTOM COMPANY LTD. Statement of Cash Flows For the year ending in December 31, 2019 Cash flows from activities e e . Net cash by Operating activities Cash flows from activities e Net cash by Investing activities Cash flows from activities 4 . Net cash by Financing activities Net in Cash Cash at the of the period Cash at the of the period