Set out below are the financial statements of Frank, a limited liability company.

You have
been asked to prepare the company's statement of cash flows, implementing IAS 7 Statement
of cash flows.
FRANK STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 2012
SALES 5106
COST OF SALES 3628
GROSS PROFIT 1478
DIST COST 250
ADMIN EXP 528
OP PROFIT 700
INTEREST
RECEIVED 50
INTEREST PAID 150
PBT 600
TAX EXPENSE 480
PFTY 120

STATEMENT OF FINANCIAL POSITION

2002 2001
000s 000s
NCA
Tangible asset 760 610
Intangible asset 500 400
Investments 0 50

CA
Inventory 300 204
Receivables 780 630
Short term investments 100 0
Cash 4 2
Total assets 2444 1896

Equity and Liability

$1 share capital 400 300
Share premium 320 300
Revaluation surplus 200 182
Retained earnings 320 200

NCL
Long term loan 200 0

CL
Trade payables 254 238
Bank overdraft 170 196
Taxation 580 480

Total equity and Liability 2444 1896

The following information is available.
(i) The proceeds of the sale of non-current asset investments amounted to $60,000.
(ii) Fixtures and fittings (Tangible asset), with an original cost of $170,000 and a carrying
amount of $90,000, were sold for $64,000 during the year.
(iii) The current asset investments fall within the definition of cash equivalents under IAS 7.
(iv) The following information relates to property, plant and equipment (Tangible asset).
31.12.2012 31.12.2011
Cost 1440000 1190000
Accumulated depreciation 680000 580000
Carrying value 760000 610000

(v) 100,000 $1 ordinary shares were issued during the year at a premium of 20c per share.
Required
Prepare a statement of cash flows for the year to 31 December 2012 using indirect method.