use direct method

The summarised comparative Statement of Financial Position for the year ended 30 June 2020 for Snow Lid, along with additional information, is presented below: 30 June 2019 30 June 2020 Cash 570 000 539 000 Term deposit (90 days) 11 000 10 000 Account receivable 175 000 188 000 Allowance for doubtful debt (23 000) (25 000) Prepayment 20 000 15 000 Inventory 60 000 104 000 Equipment 40 000 78 000 Accumulated depreciation - Equipment (8 000) (18 500) Plant 368 000 429 000 Accumulated depreciation - Plant (45 000) (70 000) Deferred tax asset 20 000 24 500 $698 000 $765 000 Bank overdraft 0 17 000 Accounts Payable 130 000 150 000 Provision for employee benefits 33 000 38 000 Interest payable 3 000 4 000 Current tax liability 27 000 31 000 Dividend payable 53 000 50 000 Borrowings 65 000 75 000 Share capital 335 000 350 000 Retained earnings 42 000 50 000 $698 000 $765 000 Additional information for the year 1 July 2019 - 30 June 2020: The company issued $10 000 worth of share as part payment for the purchase of equipment. The balance owing for purchases was paid in cash. Plant with a cost of $20 000 (accumulated depreciation $5 000) was sold. A gain on sale of plant $4 000 was recorded in profit for the year. The company made a repayment on borrowing of $30 000. The profit after tax for the year ended 30 June 2020 was $98 000. Included in the profit were the following: sales $1 084 000; gain on sale of plant $4 000; cost of sales $708 000; administration cost 594 000; distribution costs $136 000; interest expense $6 000; and income tax expense $46 000, Included in distribution costs was a bad debts expense of 59 000, discount allowed of $3 000 and depreciation expense for the year. Snow Lid uses the direct method for presenting cash flows from operating activities. Required: Calculate and prepare cash flows for the year ended 30 June 2020 for Snow Life Lid, using the direct method of presentation of operating activities. (Show all workings)