Please do NOT copy the existing answers since the data and requirements are different.

thanks

The balance sheet and income statement of King Limited are as follows:

King Limited Statement of Financial Position at 31 December
	2020	2019
Current Assets	$	$
Cash	104,000	180,000
Accounts receivable	360,000	260,000
Inventory	460,000	400,000
Prepayments	30,000	50,000
Total current assets	954,000	890,000
Non-Current Assets
Land	1,500,000	1,200,000
Plant and equipment	1,400,000	1,000,000
Accumulated depreciation Plant and equipment	(500,000)	(400,000)
Total non-current assets	2,400,000	1,800,000
Total assets	3,354,000	2,690,000
Current Liabilities
Accounts payable	260,000	297,000
Accrued expenses	136,000	126,000
Income taxes payable	180,000	220,000
Total current liabilities Non-Current Liabilities	576,000	642,000
Long-term bank loan payable	700,000	600,000
Total liabilities	1,276,000	1,242,000
Common Stock	1,100,000	800,000
Retained earnings	978,000	648,000
Total stockholders equity	2,078,000	1,448,000
Total liabilities and stockholders equity	3,354,000	2,690,000

King Limited

Statement of Profit or Loss

For Year Ended 31 December 2020

	$
Sales revenue	2,500,000
Cost of goods sold	1,400,000
Gross profit	1,100,000
Operating expenses	300,000
Income before interest and taxes	800,000
Interest expense	50,000
Income before taxes	750,000
Income tax expense	200,000
Net income	550,000

Other information for 2020 are as follows:

1. Operating expenses include $150,000 of depreciation.
2. Land was acquired for cash. Plant and equipment were acquired for long-term bank loan payable.

Required

Prepare a statement of cash flows for the year ended 31 December 2020 using the direct method.