Preparation of a statement of cash flows   LO3, 5 A comparative statement of financial position of Aqua Ltd is presented below. 30 June 2018 30 June 2019 Cash $120 000 $ 218 000 Trade receivables 184 000 204 000 Inventories 100 000 160 000 Land (at valuation) 50 000 62 000 Plant 460 000 520 000 Accumulated depreciation (90 000) (120 000) $824 000 $1 044 000 Accounts payable $150 000 $ 155 000 Accrued interest 12 000 16 000 Other accrued liabilities 45 000 43 000 Current tax payable 30 000 34 000 Provision for employee benefits 38 000 42 000 Dividend payable — 60 000 Borrowings 95 000 105 000 Deferred tax liability 58 000 39 000 Share capital 350 000 380 000 Revaluation surplus 12 000 20 000 Retained earnings 34 000 150 000 $824 000 $1 044 000 AQUA LTD Statement of profit or loss and other comprehensive income for the year ended 30 June 2019 Sales $ 3 580 000 Cost of sales (2 864 000) Gross profit 716 000 Gain on sale of plant 16 000 Dividend income 4 000Distribution costs (185 000) Administrative costs (160 000) Interest expense (8 000) Other costs (40 000) Profit before tax 343 000 Income tax expense (103 000) Profit for the year 240 000 Other comprehensive income Gain on asset revaluation (net of tax) 8 000 Total comprehensive income $ 248 000 Additional information • The increase to the revaluation surplus is net of deferred tax of $4000. • Plant with a carrying amount of $60 000 (cost $85 000, accumulated depreciation $25 000) was sold for $76 000. • Accounts payable at 30 June 2019 include $22 000 in respect of plant acquisitions. • There were borrowing repayments of $30 000 during the year. • The increase in share capital of $30 000 arose from the company’s dividend reinvestment scheme. • Dividends declared out of profits for the year were: interim dividend $64 000, final dividend $60 000. Required Using the direct method of presenting cash flows from operating activities, prepare a statement of cash flows in accordance with AASB 107/IAS 7 for the year ended 30 June 2019, including a reconciliation of cash flows arising from operating activities and profit in accordance with AASB 1054.