The financial statement of Customer First Ltd are presented as follows:

Profit for 2018 was $126,000. Total expenses were $1,047,600 and included cost of sales expenses $633,600. Interest paid $18,000 and tax expense $54,000

Cash dividends of $51,600 what declared and paid

Notes payable amounting to $60,000 were redeemed for cash $60,000

Ordinary shares were issued for $60,000 cash

Sales for 2018 were $1,173,600

Land was sold at cost

Home Buiting Sul M 15 12 5250 CS The statements of Customers First Lid are presented as follows: Customers First Ltd Statement of Financial Posion as af 30 June 2018 $ 2018 $ 2017 Asset CH Accounts receivables Inventory Land Erammen Accumulated depreciation Tatal Assets 72 000 26 400 102 000 91 200 216000 226 800 90 000 120 000 312000 240 000 (79200) (50 400) $712 800 $654 000 Lahibes and Accounts payable Moles payable long term Share capila Retained earings Total Liabilities and equity 40 800 180 000 256 800 235 200 $712 800 56 400 240 000 196 800 160 900 $654 000 Additional information: Profit for 2018 was $125 000 Taial expenses were 51.047.600 and included cost of sales BE 100% . 810**A-4.4 101 $654 000 $712 800 Total Liabilities and equity Additional information Profit for 2018 was 5126 000. Total expenses were $1,047,600 and included cost of sales expense 563360, interest paid $18 000, and tax expense $54.000 Cash dividends of $51 600 what declared and paid. Notes payable amounting to $60,000 were redeemed for cash $60,000. Ordinary shares were issued for $60,000 cash. Sales for 2018 were $1 173 600 Land was sold at cost Required a) Prepare a statement of cash flows for 2018 using the direct method (20 marks) Marks will be deducted if no workings are shown. Please type your answers in the tabletemplate provided Refer to formulas at the end of the exam pager