Please prepare a cash flow statement using the INDIRECT METHOD for operating activities.

Cash Flow Statement Question As John's Ice Cream Ltd's accountant, you have been asked to prepare the cash flow statement using the information below. The reporting period is 1 July 2019 - 30 June 2020. 2020 Income Statement items: Revenues $500,000 COGS ($200,000) Interest revenue $20,000 Depreciation Expense ($15,000) Taxation expense ($20,000) Amortisation expense ($5,000) Gain on sale of equipment $7,000 Loss on sale of machinery ($2,000) Salary expense ($125,000) There are no other profit and loss accounts this period. Relevant 2019 and 2020 balance sheet items: Year 2019 2020 Inventory $12,000 $20,000 Accounts Receivable $20,000 $12,000 $10,000 $5,000 Interest receivable $150,000 Machinery and Equipment Accumulated Depreciation Accounts Pavable Salary Payable Share Capital $355,000 $100,000 $4.000 $17,000 $65,000 $7.000 $10,000 $150,000 $100,000 Notes: On 1 July 2019, equipment and machinery was sold for a total $150,000. Shares were repurchased for cash on 15 January 2020. Cash was $20,000 at the start of the year and $300,000 at the end of the year