Simic & Nikolic Ltd Statement of Profit & Loss for the year ended 30 June 2016 $'000 $'000 Sales revenue 14.126 Gain from sale of land 210 Gain from sale of equipment 230 14.566 Less expenses: Cost of sales 8.876 Bad debts expense 28 Depreciation 250 Insurance expense 140 Interest expense 180 Amortisation patents 20 other expenses 1,796 11.290 Profit before income tax 3,276 Income tax expense Current year 1.100 Under provision from the previous year 80 1,180 Profit for the period $2 096 Additional Information (dollar amounts expressed in full units) 1. Plant & Equipment with an original cost of $500,000 was sold during the year. 2. Land with an original value of $600,000 was revalued upwards by $160,000 during the year. 3. The Land was sold. 4. A bonus share dividend of $200,000 was paid from the revaluation surplus. 5. An interim dividend was paid during the year. Required: (a) Prepare a statement of cash flow using the direct method (b) Reconcile profit to cash provided by operating activities (Indirect Method)