Some of the most recent financial statements for Hyland Pty Ltd are shown below.

Additional information 

1. All purchases and sales of inventories are on credit.

2. On 1 July 2020, the shareholders injected a further capital contribution of $28 000 cash into the business.

3. During the year, sales equipment costing $24 000 and written down to a carrying amount of $20 000 was sold for $8000 cash.

4. Half of the land on hand at the beginning of the year was sold for $64 000 cash.

5. During the year, the company withdrew cash from the business bank account in order to pay cash dividends to its shareholders.

6. The bank overdraft in the company is considered to be an integral part of the company’s cash management arrangements.

7. Ignore income tax.

Required

Prepare the statement of cash flows for Hyland Pty Ltd for the year ended 30 June 2021, using the direct method.

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ASSETS HYLAND PTY LTD Comparative Statements of Financial Position as at 30 June 2020 2021 Cash at bank Accounts receivable Inventory Sales equipment Accumulated depreciation - sales equipment Land Buildings Accumulated depreciation - buildings LIABILITIES AND EQUITY Accounts payable Bank overdraft Equity $ 56000 $ 36000 68 000 192 000 224 000 120 000 (36 000) 144 000 (60000) 160 000 240 000 (12 000) $720000 96 000 40 000 584 000 80 000 240 000 (20000) $712000 104 000 608 000 $720000 $712000