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Question 8 continued to instalat ons nodicolon Statement of Profit or Loss & Other Comprehensive Incomento For year ended 30 June 2016 Income $8 550 000 Sales 18 000 $8 568 000 Gain on sale of plant Expenses 4 517 000 Cost of sales Salaries and wages 1 997 000 Depreciation expense - plant 127 000 Depreciation expense - buildings 35 000 Bad debts expense 7 000 bre Insurance expense 35 000 Interest expense 70 000 blue Other expenses 1 000 000 7 788 000 Profit before tax 780 000 Income tax expense (250 000) Profit for the period 530 000 Other comprehensive income Total comprehensive income $ 530 000 Additional information: Plant with a cost of $70 000 and an accumulated depreciation of $50 000 was sold for cash during the year. Plant was purchased for cash. deye A new building was purchased: $300 000 was paid for by borrowing arrangements with the bank and the balance was paid in cash. There were no buildings sold. Interim dividends were paid: $100 000 by issuing bonus shares, the balance paid in cash. Required: Prepare a statement of cash flows in accordance with AASB 107 for the year ended 30 June 2016 (use the direct method when presenting cash flows from operating activities). (20 marks) 10 n 2 2 Question 8 continued to instalat ons nodicolon Statement of Profit or Loss & Other Comprehensive Incomento For year ended 30 June 2016 Income $8 550 000 Sales 18 000 $8 568 000 Gain on sale of plant Expenses 4 517 000 Cost of sales Salaries and wages 1 997 000 Depreciation expense - plant 127 000 Depreciation expense - buildings 35 000 Bad debts expense 7 000 bre Insurance expense 35 000 Interest expense 70 000 blue Other expenses 1 000 000 7 788 000 Profit before tax 780 000 Income tax expense (250 000) Profit for the period 530 000 Other comprehensive income Total comprehensive income $ 530 000 Additional information: Plant with a cost of $70 000 and an accumulated depreciation of $50 000 was sold for cash during the year. Plant was purchased for cash. deye A new building was purchased: $300 000 was paid for by borrowing arrangements with the bank and the balance was paid in cash. There were no buildings sold. Interim dividends were paid: $100 000 by issuing bonus shares, the balance paid in cash. Required: Prepare a statement of cash flows in accordance with AASB 107 for the year ended 30 June 2016 (use the direct method when presenting cash flows from operating activities). (20 marks) 10 n 2 2