Question No 02 ITC India Limited has recently published the following income statement and comparative balance sheet for 2019 and 2018. Prepare the cash flow statement for the year ended December 31, 2019 using indirect method Marks will be awarded only if the proper format of the statement of cash flows is used [13] ITC India Limited Income Statement. Year Ended December 31, 2019 Revenue from sales 286,000 Interest revenue 12.000 Dividend revenue 9,000 Gain on sale of plant assets 10.000 Total revenue and gains 31 7,000 Cost of goods sold 156,000 Wage expense 56.000 Depreciation expense 20,000 Other operating expense 16.000 Interest expense 15,000 Income tax expense 14,000 Total Operating expense 277000 Net Income 40.000 Question No: 02 ITC India Limited Balance sheet: December 31, 2019 and 2018 Assets 2019 2018 Liabilities 2019 2018 Cash and cash equivalents 22.000 42,000 Current Account receivable 90.000 73,000 Accounts payable 90,000 50.000 Inventory 143,000 145.000 Accrued liabilities 3,000 10.000 Total current assets 255000 260000 Long-term liabilities Plant assets.net 460,000 210,000 Notes payable 160.000 50.000 Stockholders' Equity Common stock 370,000 250.000 Retained earnings 110,000 80.000 Treasury stock (20,000) Total Assets 715,000 470,000 Total liabilities and 715000 stockholders' equity The details of the transactions carried out by the company: *Purchase of treasury stock and issuance of common stock for cash Purchase of plant assets for cash Rs310000; Cash receipts from sale of plant Cash Payments of dividend Rs10,000; receipts assets (book value 40.000) Rs 50,000 Issuance of notes payable R$90,000 Cash Payment of notes payable Rs 10,000