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Please refer to the following statement of financial position and statement of comprehensive income for Munro Corporation. Munro Corporation Statement of Financial Position December 31, 2019 Assets 2019 2018 Cash $ 22,000 $ 48,500 Accounts receivable 120,000 115,500 Land 80,000 60,000 70,000 90,000 Equipment Accumulated depreciation (13,500) (20,500) Total assets $278,500 $293,500 Liabilities and Equity Accounts payable $ 9,000 $ 9,000 Long-term debt 20,000 28,500 Common stock 200,000 174,500 Retained earnings 49,500 81,500 Total liabilities & equity $278,500 $293,500 Munro Corporation Statement of Comprehensive Income For the year ended December 31, 2019 Sales $ 320,000 (279,000) $ 41,000 (9,000) Cost of goods sold Gross margin (gross profit) Depreciation expense Selling and administration expense Operating income Gain on sale of equipment (65,000) $ (33,000) 6,000 Net loss $ (27,000) Other comprehensive income 0 Comprehensive loss $ (27,000) Other data: . An equipment with a cost of $20,000 was sold in 2019 for cash. Dividends were declared and paid in 2019. Land was purchased using cash. . New shares were also issued for cash. Required: (A) Using the information provided, prepare a statement of cash flows for the year ended December 31, 2019 using the indirect method. (15 marks) (B) Peter, one of your friends, casually mentions that the statement of cash flows is not important for decision-making as modern accounting focuses on accrual accounting to calculate profit. Critically evaluate his point

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