With complete solutions, journal entry (if ever) and answer.

Hill Company provided the following comparative statement of financial position: 2020 2019 950,000 750,000 1,750,000 2,550,000 100,000 5,300,000 1,100,000 1,800,000 150,000 4,300,000 Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Property, plant and equipment Accumulated depreciation Accounts payable Accrued expenses Share capital Retained earnings (1,150,000) 1,250,000 50,000 4,750,000 3,250,000 (800,000) 1,000,000 200,000 4,250,000 2,050,000 Additional information The statement of retained earnings for 2020 showed net income of P1,500,000 and cash dividend paid of P300,000. During the year, the entity purchased equipment for cash and issued share capital for cash. Required: Prepare the statement of cash flows for 2020 using the indirect method