The financial statements of Lewis Limited appear below: LEWIS LIMITED Comparative Statement of financial positions 31 December 2017 2017 2016 $ 44,000 $ 23,000 Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total 26,000 20,000 50,000 (20,000 34,000 15,000 78,000 (24,000) $120,000 $126,000 $ 15,000 Liabilities and Equity Accounts payable Income taxes payable Share Capital Retained earnings Total $ 23,000 8,000 48,000 13,000 48,000 44,000 $120,000 47,000 $126,000 LEWIS LIMITED Income Statement for the year ended 31 December 2017 $350,000 280,000 70,000 Sales Cost of sales Gross profit Selling expenses Administrative expenses Interest expense Income before income taxes Income tax expense Profit after income tax $20,000 16,000 4,000 30,000 10,000 $ 20.000 The following additional data were provided: 1. A cash dividend was declared and paid during the year. 2. During the year an equipment was sold for $12,000 cash. This equipment cost $28,000 originally and had a carrying amount of $12,000 at the time of sale. 3. All depreciation expense is in the selling expense category. 4. All sales and purchases are on account. 5. Accounts payable pertain to inventory purchase. 6. Selling and administrative expenses (except for depreciation) of $24,000 were paid in cash. Required: Prepare a statement of cash flows for Lewis Limited using the direct method. +