Please answer a and b for Problem 18.23 below. Please show answer and calculations in the same format/structure as below.

Problem 18.23 Statement of cash flows for a company. Additional information 1. Other expenses include $27,000 depreciation expense on plant and insurance expense of $4,000. 2. All sales and purchases of inventory are on credit. 3. Plant which had cost $30,000 and had a carrying amount of $17,000 was sold for $26,000 cash. (a) Prepare the statement of cash flows for Wrench Ltd for the year ended 30 June 2023 using the direct method. Note: - For any cash outflows (or amounts that need to be subtracted), please put the amounts in brackets, e.g. ( 1,250) (b) Show your workings using the T-accounts provided below. - Please use commas in your amounts (e.g. 2,570). (Do not include a dollar sign (\$) or any spaces in your amounts please). - Please copy and paste the relevant descriptions for your T-accounts from the list of descriptions provided: T-account descriptions: Cost of goods sold Cash from customers Purchases Sales Cash paid Insurance expense Lease income Cash received Interest expense Cost of property sold Depreciation Purchase of plant Carrying amount of plant sold Cash flows from operating activities: Cash receipts from customers: FC Note: Sale of property and plant =40,000 (property) +26,000 (plant) =66,000 Problem 18.23 Statement of cash flows for a company. Additional information 1. Other expenses include $27,000 depreciation expense on plant and insurance expense of $4,000. 2. All sales and purchases of inventory are on credit. 3. Plant which had cost $30,000 and had a carrying amount of $17,000 was sold for $26,000 cash. (a) Prepare the statement of cash flows for Wrench Ltd for the year ended 30 June 2023 using the direct method. Note: - For any cash outflows (or amounts that need to be subtracted), please put the amounts in brackets, e.g. ( 1,250) (b) Show your workings using the T-accounts provided below. - Please use commas in your amounts (e.g. 2,570). (Do not include a dollar sign (\$) or any spaces in your amounts please). - Please copy and paste the relevant descriptions for your T-accounts from the list of descriptions provided: T-account descriptions: Cost of goods sold Cash from customers Purchases Sales Cash paid Insurance expense Lease income Cash received Interest expense Cost of property sold Depreciation Purchase of plant Carrying amount of plant sold Cash flows from operating activities: Cash receipts from customers: FC Note: Sale of property and plant =40,000 (property) +26,000 (plant) =66,000