2 Wild Side Company Limited: Income Statement for year ended December 31, 2016 Sales Gross Profit Profit before tax Tax Profit after tax $ 950.000 550.000 325,000 (145.000) 189.000 Dividends Transfer to reserves (34,000) 146.000 (10,000) Profit for the year Retained earnings b/d Retained earnings c/d 136.000 121.000 257.000 Wild Side Company Ltd Statement of Financial Position as at December 31, 2016 2015 2016 Non-Current Assets Goodwill $ $ $ $ 110,000 35,000 Building 250,000 275,000 Equipment 210.000 290,000 Less Depreciation (15.000) (35,000) 195,000 255,000 555,000 565,000 Current Assets Stock 32,000 25.000 Short term Investment 15,000 25.000 Debtors 12,000 16.000 Bank 10,000 Cash 12.000 6.000 81,000 Total Assets 636,000 72.000 637.000 Equity and Liabilities Share Capital 220,000 210,000 Share Premium 15.000 15,000 General Reserves 37.000 47,000 Retained Earnings 121.000 257,000 393,000 529,000 Non-Current Liability 10% Debentures 202,000 37.000 Current Liabilities Creditors 17,000 22.000 Bank Overdraft 0 5,000 Tax Payable 14,000 19.000 Dividends 10.000 25.000 41.000 71.000 636.000 637.000 Additional Information During the year equipment costing $35,000 with a book value of $28,000 was sold at a loss of $5,000 Required: A. Prepare a Statement of Cash Flows for Wild Side Company Ltd for the year ended December 31, 2016 based on the requirements IAS 7. Show ALL necessary workings