The following is the Balance Sheet of MoneyMakers Inc. as at 31st December, 2017 and 2018, and the Income statement for the year ending 31st December, 2018

Additional information:

On December 31, 2017, MoneyMakers acquired 25% of Luser's Co.s common stock for $275,000. On August 2018 Luser's announced a right issue of common stock amounting to $140,000. MoneyMakers bought 25% of those shares.

During 2017, MoneyMakers loaned $300,000 to Bankrupted Ltd, an unrelated company. Bankrupted made the first annual principal repayment of $60,000, plus interest at 10%, on December 31, 2018.

On January 2, 2018, MoneyMakers sold equipment costing $60,000, with a carrying amount of $38,000, for $37,000 cash.

On December 31, 2018, MoneyMakers entered into a capital lease for an office building. The present value of the annual rental payments is $400,000, which equals the fair value of the building. MoneyMakers made the first rental payment of $60,000 when due on December 2, 2018.

Only July 1, 2018, the company issued 50000, 7% Debentures at $1 par.

For 2018, the board of directors declared a final dividend of $80,000 on common stock which is to be paid on July 1, 2019. On July 1, 2018 the directors paid the interim dividend of 2018 and the final dividend of 2017.

On January 1, 2018, the company issued 10000 preferred stock for $5 each (which includes a premium of $3 per share)

The directors proposed and paid the preferred stock dividend of 2018 on 31st December, 2018.

Instruction: Prepare the Cash Flow Statement of MoneyMaker Inc. for the year ending 31st December, 2018.

MoneyMakers Inc. Balance Sheet as at 31st December, 2017 and 2018 2018 Details 2017 $ $ $ $ $ $ Non Current Assets: Property, Plant & Equipment (-) Accumulated depreciation Investment in Luser's Co. Loan to Bankrupted Ltd. 3307000 -1165000 310000 240000 2692000 2967000 -1040000 275000 2202000 Current Assets: Cash Bank Accounts Receivables Inventories Prepaid Rent Expense Commission Income in arrears 611000 361000 1128000 1850000 1000 20000 3971000 500000 300000 1168000 1715000 3000 16000 3702000 (-) Current Liabilities: Accounts Payable Income Taxes Payable Dividends Payable Interest on Debentures Owing Unpaid Salaries 1015000 30000 80000 1750 20000 955000 50000 100000 0 15000 1146750 1120000 Working Capital 2824250 5516250 2582000 4784000 500000 100000 Shareholders Equity Common Stock, $1 par 10% Prefered Stock, $2 par Additional Paid-in Capital (premium) Retained Earnings Asset Revaluation Reserve 500000 120000 1530000 2912250 4000 5066250 1500000 2684000 4784000 Longterm Liabilities: Capital lease obligation 7% Debentures 400000 50000 0 450000 5516250 4784000 MoneyMakers Inc. Income Statement for the year ending 31st December, 2018. Details 2018 $ 366000 -1750 Earnings before interest and tax (-) Interest on Debentures Earnings before tax (-) Corporation Tax Net Income (-) Preference Share Dividend (-) Common Stock Dividend Interim Final 364250 -30000 334250 - 12000 -10000 -80000 232250 2680000 2912250 (+) Retained Earnings b/d Retained Earnings c/d MoneyMakers Inc. Balance Sheet as at 31st December, 2017 and 2018 2018 Details 2017 $ $ $ $ $ $ Non Current Assets: Property, Plant & Equipment (-) Accumulated depreciation Investment in Luser's Co. Loan to Bankrupted Ltd. 3307000 -1165000 310000 240000 2692000 2967000 -1040000 275000 2202000 Current Assets: Cash Bank Accounts Receivables Inventories Prepaid Rent Expense Commission Income in arrears 611000 361000 1128000 1850000 1000 20000 3971000 500000 300000 1168000 1715000 3000 16000 3702000 (-) Current Liabilities: Accounts Payable Income Taxes Payable Dividends Payable Interest on Debentures Owing Unpaid Salaries 1015000 30000 80000 1750 20000 955000 50000 100000 0 15000 1146750 1120000 Working Capital 2824250 5516250 2582000 4784000 500000 100000 Shareholders Equity Common Stock, $1 par 10% Prefered Stock, $2 par Additional Paid-in Capital (premium) Retained Earnings Asset Revaluation Reserve 500000 120000 1530000 2912250 4000 5066250 1500000 2684000 4784000 Longterm Liabilities: Capital lease obligation 7% Debentures 400000 50000 0 450000 5516250 4784000 MoneyMakers Inc. Income Statement for the year ending 31st December, 2018. Details 2018 $ 366000 -1750 Earnings before interest and tax (-) Interest on Debentures Earnings before tax (-) Corporation Tax Net Income (-) Preference Share Dividend (-) Common Stock Dividend Interim Final 364250 -30000 334250 - 12000 -10000 -80000 232250 2680000 2912250 (+) Retained Earnings b/d Retained Earnings c/d