The simplified financial statements of Titanium Ltd appear below:

	TITANIUM LTD Statement of Financial Position as at 30 June
			2017				2018
	ASSETS Cash Accounts receivable Inventory Plant and equipment Accumulated depreciation – plant and equipment		$  37 200 33 600 30 000 72 000 (26 400)				$  15 600 16 800 42 000 93 600  (28 800)
			$146 400				$139 200
	LIABILITIES AND EQUITY Accounts payable Current tax liability Loan payable Share capital Retained earnings		$  32 400 6 000 32 400 41 600   34 000				$  27 600 9 600 37 200 41 600   23 200
			$146 400				$139 200

	TITANIUM LTD Income Statement as at 30 June
	Sales Cost of sales					$264 000 216 000
	GROSS PROFIT					48 000
	Selling expenses Administrative expenses Interest expense		$16 800 9 600    1 200			27 600
	Profit before tax Income tax expense					20 400     4 800
	PROFIT					$  15 600

Additional information

1. Dividends declared and paid were $26 400.

2. During the year equipment was sold for $10 200 cash. The equipment cost $21 600 and had a carrying amount of $10 200 at the time of sale.

3. Depreciation expense is included as a selling expense in the income statement.

4. All sales and purchases are on credit.

Required

A. Prepare a statement of cash flows using the indirect method.

B. Prepare a statement of cash flows using the direct method.