Problem 16-12 (IAA) Hill Company provided the following comparative statement of financial position. 2015 Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Property, plant and equipment Accumulated depreciation 750,000 1,750,000 2,550,000 100,000 5,300,000 ( 1,150,000) 9,300,000 2014 950,000 1,100,000 1,800,000 150,000 4,300,000 ( 800,000) 7,500,000 Liabilities and equity Accounts payable Accrued expenses Share capital Retained earnings 1,250,000 50,000 4,750,000 3,250,000 9,300,000 1,000,000 200,000 4,250,000 2,050,000 7,500,000 Additional information 1. The statement of retained earnings for 2015 showed net income of P1,500,000 and cash dividend paid of P300,000. 2. During the year, the entity purchased equipment for cash and issued share capital for cash. Required: Prepare a statement of cash flows for 2015 using the indirect method