20 Prepare a statement of cash flows LO4,5,6 using the indirect method The balance sheets for the Intelligence Company are as follows: Comparative balance sheets as at 30 June 2022 2021 Cash and cash equivalents $ 65000 $ 45000 Accounts receivable on olnud 50000 55000 M UDA 125000 175 000 Property, plant and equipment 930000 745 000 Accumulated depreciation (270000 (200 000) Inventory $900 000 $820000 $105000 $ 110 000 180 000 200 000 Total assets Accounts payable Unsecured syndicated bank loan (long-term) Total liabilities Ordinary shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $290 000 $350 000 260000 610000 $900 000 $305 000 $280000 235000 515000 $820 000 iv The following additional information is available: i Profits after tax for 2022 were $50 000. ii Cash dividends of $25000 were paid during the year. iii A portion of unsecured syndicated bank loan matured and was repaid during the year. Ordinary shares were issued for cash. v Property and equipment were purchased for cash. No non-current assets were sold during the year. vi The change in accumulated depreciation is a result of depreciation expense. REQUIRED Prepare a statement of cash flows for the year using the direct method for the operating activities section and prepare a reconciliation of profits after tax to cash flow from operations