Jack Co Lid's STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2019 2018 $ 000 $*000 Non-current assets Cost 3192 3120 Depreciation (636) (448) 2556 2672 Current assets Inventory 48 40 Trade receivables Bank 152 116 96 112 296 Total assets 268 2852 2940 Equity Share capital 720 680 Share premium 72 48 Retained earnings 1432 1028 2224 1756 Non-current liabilities Long-term loans 400 Current liabilities 1000 Trade payables 24 12 Taxation 204 172228 184 Total equity and liabilities 2852 2940 Additional information: 1. Dividends paid were $132,000 2. During the year, the company paid $180,000 for a new piece of machinery. Required : Prepare a statement of cash flows for Jill Co Ltd for the year ended 31 December 2019 in accordance with the requirements of IAS 7SECTION A (30 MARKS) ANSWER ALL QUESTIONS QUESTION ONE Jill Co Ltd's income statement for the year ended 31 December 2019 and statements of financial position at 31 December 2018 and 31 December 20189 were as follows. Jack Co Ltd's INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2019 $'000 $'000 Sales 1440 Raw materials consumed 140 Staff costs 188 Depreciation 236 Loss on disposal of non-current asset 36 600 Operating profit 840 Interest payable 56 Profit before tax 784 Taxation 248 Profit for the year 536