The following are extracts from the financial statements of Hooves & Boots Ltd for the year ended 31 December 2019:

Hooves & Boots Ltd

Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2019

Revenue	R280 842
Cost of Sales	(100 000)
Gross Profit	180 842
Interest received	4 528
Dividends received on listed investments	6 680
Profit on disposal of property, plant & equipment	560
Administration expenses	(64 730)
Depreciation of property, plant & equipment	(37 280)
Interest paid	(19 840)
Profit before tax	70 760
Taxation	(27 232)
Profit for the year	43 528

Hooves & Boots Ltd

Statement of Changes in Equity for the year ended 31 December 2019

	Retained Earnings
Opening balance	153 416
Profit for the year	43 528
Dividends to shareholders	(23 366)
Closing balance	173 578

Hooves & Boots Ltd

Statement of Financial Position as at 31 December

	2019	2018
Assets
Non-current assets	536 706	442 216
Property, Plant and Equipment	501 648	417 848
Investment in listed shares	35 058	24 368
Current assets	235 750	191 962
Inventory	93 310	65 250
Trade Receivables	136 774	120 690
Bank	5 666	6 022
Total Assets	772 456	634 178
Equity and Liabilities
Equity	403 176	342 236
Share Capital	31 300	31 300
Revaluation Surplus	198 298	157 520
Retained Earnings	173 578	153 416
Non-current Liabilities	195 334	152 288
Long term loan	195 334	152 288
Current Liabilities	173 946	139 654
Trade Payables	90 540	72 066
Tax Payable	4 776	5 424
Dividends Payable	12 582	12 582
Short Term Loans	66 048	49 582
Total Equity and Liabilities	772 456	634 178

Additional information: -

1. The short-term portion of the long-term loan included in the short-term loans was

R 15 408 (2018: R 29 402 this was paid as planned in 2019).

2. The proceeds from the sale of property, plant & equipment amounted to R 1 978 during the current year. R 24 000 of the purchases of property, plant & equipment during the current year was for the expansion of operations.

Land (included in property, plant & equipment) was revalued during 2019.

Required:

Prepare the Statement of Cash Flows for Hooves & Boots Ltd for the year ended 31 December 2019.

Show workings clearly.

The Reconciliation of Profit before tax and Cash generated from operations is not required.