Financial figures of the business of C. Wilson for the last 2 years are shown below. C. WILSON Comparative Statements of Financial Position as at 30 June 2020 2021 ASSETS Cash at bank Accounts receivable Inventory Plant and equipment Accumulated depreciation plant and equipment $9 000 4 200 $ 4 200 14 400 4 800 $10 800 4 500 $ 2 820 5 100 16 800 6 300 Land Buildings Accumulated depreciation buildings 12 000 600 12 000 11 400 12 000 840 6 000 11 160 $46 800 $48 180 LIABILITIES AND EQUITY Accounts payable Bank overdraft C. Wilson, Capital $ 7 200 3 000 36 600 $ 7 800 40 380 $46 800 $48 180 The income statement for the business for the year ended 30 June 2021 reveals the following details: C. WILSON Income Statement for the year ended 30 June 2021 INCOME Sales revenue OTHER INCOME Gain from sale of land $ 18 000 2 400 EXPENSES Cost of sales Depreciation of plant and equipment Depreciation of buildings Loss of sale of plant Other expenses $9 600 1 200 240 180 2 640 20 400 13 860 PROFIT $6 540 Additional information 1. During the year ended 30 June 2021, Wilson withdrew $30 per week in cash for 52 weeks for private purposes. 2. Wilson also withdrew $1200 on her business bank account to pay her personal income tax. 3. Land, shown in the accounts at $6000, was sold during the year for $8400. 4. Plant costing $1800 and written down to $900 was sold for $720. 5. Ignore GST. Required Prepare a statement of cash flows for the year ended 30 June 2021 using the direct method.