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Entity A Statement of Comprehensive Income For the year ended December 31, 20x1 Sales Cost of sales 1,960,000 (784,000) GROSS PROFIT 1,176,000 Depreciation expense (80,000) Salaries expense (330,000) Utilities expense (264,000) Insurance expense (48,000) Interest expense (66,000) Gain on sale of equipment. 80,000 PROFIT FOR THE YEAR 468,000 Other comprehensive income COMPREHENSIVE INCOME FOR THE YR. 468,000 Additional information: The owner made cash withdrawals of P40,000. Equipment was acquired on cash basis for P600,000. Entity A obtained a short-term loan of P240,000. The owner provided additional contribution of P100,000 to the business. Equipment with carrying amount of P200,000 was sold for P280,000 resulting to a gain on sale of P80,000. Requirement: Prepare the statement of cash flows using the indirect method of presenting cash flows from operating activities.PROBLEM 12: STATEMENT OF CASH FLOWS - INDIRECT The comparative statement of financial position and statement of comprehensive income of Entity A on December 31, 20x1 are shown below: Entity A Statement of Financial Position As of December 31, 20x1 Cash and cash equivalents 680,000 120,000 Trade and other receivables 212,000 72,000 Inventory 60,000 144,000 Prepaid assets 48,000 Total current assets 952,000 384,000 Property, plant & equipment 656,000 336,000 Total noncurrent assets 656,000 336,000 TOTAL ASSETS 1,608,000 720,000 LIABILITIES Trade and other payables 516,000 396,000 Short-term borrowings 240,000 Total current liabilities 756,000 396,000 EQUITY Owner's capital 852,000 324,000 TOTAL LIABILITIES & EQUITY 1,608,000 720,000