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The accounting records of Laurent Company provided the following data: Statement of Comprehensive Income For year ended 31 December 20X8 Sales $ 912,600 Cost of goods sold (547, 600) Depreciation expense (12,600) Operating expenses (195,200) Net earnings and comprehensive income $ 157,200 Statement of Financial Position At 31 December 20x8 20x7 Debits Cash $101,900 $ - Accounts receivable 54,000 57,000 Inventory 75,000 60,000 Investment, long term 9,000 Capital assets 279,000 180,000 Total debits $509,900 $306,000 Credits Bank overdraft - $ 15,000 Accumulated depreciation 42,600 30,000 Accounts payable 36,600 18,000 Short-term bank loan 12,200 9,000 Notes payable, long term 108,000 60,000 Common shares 240,000 152,400 Retained earnings 70,500 21,600 Total credits $509,900 $306,000 Other information: a. Paid a $24,000 long-term note payable by issuing common shares. b. Purchased capital assets that cost $99,000; gave a $72,000 long-term note payable and paid $27,000 cash. c. Sold the long-term investment at cost, for cash. d. Assume that unexplained differences in asset, liability, and equity accounts flow from logical sources. Required: 1. Prepare the SCF, using the two-step indirect method of presentation for the operating activities section. Cash outflows should be indicated with minus sign.) LAURENT COMPANY Statement of Cash Flows For the year 31 December 20X8 Operating activities: Net loss Non-cash items Less: Depreciation Changes to working capital: $ 0 Investing activities: Financing activities: Opening cash Closing cash $ 2. Prepare the operating activities section of the SCF using the direct method. indicated with minus sign.) LAURENT COMPANY Partial Statement of Cash Flows For the year 31 December 20X8 Operating activities

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