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Question 1 (Total 20 marks) In order to prepare a statement of cash flows for...

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Question 1 (Total 20 marks) In order to prepare a statement of cash flows for the year ended on 31 December 2021 , the following financial statements are provided. Nomad Company Income Statement Nomad Company Statements of Financial Position December 31. 2021 and 2020 Additional information: 1. Land purchase is for cash. 2. A building costing $89,000 with accumulated depreciation of $75,000 is sold for cash. 3. Accumulated depreciation is affected by depreciation expense and the sale of building. 4. Cash is received for issuing bonds and shares. 5. The balance of Retained earnings is affected by dividend payment and net profit. Required: a. Prepare a statement of cash flows using the indirect method for 2021. The company classifies interest paid and dividends paid as operating cash flows. Necessary computation steps of cash paid for dividends, interest, and tax are required. (12 marks)

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