Question 7 Information from the December 31, 2019 and 2018 balance sheets of Happy Berhad are presented below: ASSETS Cash Account receivable, net Inventory Prepaid expenses Long term investments Land Building and equipment Accumulated depreciation 2019 30,000 410,000 300,000 20,000 50,000 560,000 2,000,000 (800,000) 2,570,000 2018 50,000 460,000 320,000 15,000 25,000 300,000 1,900,000 (770,000) 2,300,000 120,000 50,000 800,000 EQUITY AND LIABILITIES Account payable Accrued liabilities Bonds payable Long term loan Ordinary share capital, RM1 par value Share premium Retained earnings 300,000 40,000 500,000 150,000 200.000 710,000 670,000 2,570,000 0 160,000 550,000 620,000 2,300,000 Additional information about 2019 transactions and events: i. Net income was RM110,000; ii. Depreciation expense on buildings and equipment was RM60.000: iii. Sold equipment with a cost of RM50,000 and accumulated depreciation of RM30,000 for cash of RM17,000; iv. Declared and paid cash dividends of RM60,000; V. Purchased long-term investments for RM25,000; vi. Paid RM300,000 on the bonds payable; vii. Issued 40,000 ordinary shares for RM200,000; and vii. Purchased land for RM260,000. Required: Using the information given, prepare a Statement of Cash Flows for Happy Berhad for the year ended 31 December 2019, using indirect method. (30 marks)