The following statement of financial position relates to ABC Ltd for the years ending 30 June 2020 and 30 June 2019.

ABC Ltd Statement of Financial Position As at 30 June
	2020 ($)	2019 ($)
Cash at Bank	33,250	22,000
Bank bills	125,000	30,000
Accounts Receivable	95,500	74,500
Inventory	122,500	138,000
Machinery	103,000	167,500
Accumulated Depreciation - Machinery	(50,000)	(65,000)
Building	60,000	60,000
Accumulated Depreciation - Building	(25,000)	(15,000)
	464,250	412,000
Accounts Payable	90,000	85,500
Current Tax Liability	6,250	3,750
Wages payable	7,250	2,250
Share Capital	144,000	108,500
Retained earnings	216,750	212,000
	464,250	412,000

Additional Information:

1. Gross profit for the year ended 30 June 2020 was $176,500, and consisted of:

Sales Revenue $599,500

Cost of Sales 423,000

2. All purchases and sales of inventory were made on credit.
3. In the year ended 30 June 2020, ABC Ltd reported a net profit of $47,500, after deducting expenses of $144,500 and income tax expense of $15,000 from total income.
4. Expenses of $144,500 comprise of

• Depreciation on machinery
• Depreciation on building
• Carrying amount of machinery sold $24,500
• Wage expense

5. During the year ended 30 June 2020, ABC Ltd issued 50,000 ordinary bonus shares fully paid at $0.10 per share from retained earnings. The company also paid cash dividends.
6. The company sold a machinery, which had an original cost of 64,500, for 30,500 on cash.
7. No building was purchased or sold during the year.
8. The terms of the bank bills do not exceed 90 days.

Prepare the statement of cash flows of ABC Ltd for the year ended 30 June 2020 based on the direct method of presentation. Provide relevant calculations. Ignore tax effects. Notes are not required.