The comparative statement of Financial position of Sonia Studio as at 31 December, 2019 and 2020 are as follows: Sonia Studio Sdn. Bhd. Comparative Statement of Financial Position As at 31 December, 2019 - 2020 Non-current Assets 2020 2019 Land 58, 100 98.900 Equipment 74,900 73,600 Long term investment 10,000 5.000 Current Assets Cash 32,000 37,000 Account receivable 86,000 64.000 Inventory 110,000 83.000 Prepaid expenses 11,000 9.500 Total Assets 382,000 371,000 Share capital 79,700 51,600 Retained earnings 34,100 8.500 Non-current liability Long term note payable 98,000 94.200 Current liability Account payable 152,900 70.800 Utility payable 3,500 2.500 Tax payable 13,300 14.400 Salary payable 500 3.100 Total liability and Equity 382,000 245,100 Additional information for the year of 2020 are as follows: 1. Net Income, RM74,400 2. Depreciation expense on equipment, RM13,900 3. Purchased long-term investment, RM5,000 4. Acquired new equipment by cash, RM15,200 5. Sold land for RM33,800, including RM7,000 loss 6. Paid long term note payable, RM45,500 7. Received cash for issuance of shares, RM28, 100 8. Paid cash dividends, RM47,800 BABI014/TFA2141 FINANCIAL ACCOUNTING FOR MANAGERS 5 MARCH 2021 Required: (a) Prepare the statement of cash flows of Sonia Studio for the year ended 31 December 2020, using indirect method. (20 marks) (b) Considering the net income and the company's cash flow during 2020. Was that a good year or a bad year? Give your reasons. (5 marks) Total:25 marks [TOTAL: 100 MARKS]