The income statement of Boost Plus, Inc. follows:

BOOST PLUS, INC.

Income Statement

Year Ended September 30, 2018

Net Sales Revenue₱ 231,000

Cost of Goods Sold 94,000

Gross Profit 137,000

Operating Expenses:

Salaries Expense ₱ 54,000

Depreciation Expense – Plant Assets 27,000

Total Operating Expense 81,000

Net Income before Income Taxes 56,000

Income Tax Expense 3,000

Net Income ₱ 53,000

Additional data follow:

a)Acquisition of plant assets is ₱124,000. Of this amount, ₱108,000 is paid in cash and ₱16,000 by signing a note payable.

b)Cash receipt from sale of land totals ₱20,000. There was no gain or loss.

c)Cash receipts from issuance of common stock total ₱36,000.

d)Payment of notes payable is ₱15,000.

e)Payment of dividends is ₱5,000.

f)From the balance sheet:

                       September 30

            2018 2017

Cash ₱ 39,000 ₱ 13,000

Accounts Receivable 46,000 61,000

Merchandise Inventory 94,000 88,000

Land 82,000 102,000

Plant Assets 214,000 90,000

Accumulated Depreciation (61,000) (34,000)

Accounts Payable 32,000 15,000

Accrued Liabilities 12,000 20,000

Notes Payable (long-term) 16,000 15,000

Common Stock, no par 40,000 4,000

Retained Earnings 314,000 266,000

Prepare Boost Plus’s statement of cash flows for the year ended September 30, 2018, using the direct and indirect method.