MB Pte Ltd Statement of Financial Position As at 31 December 20X2 20X2 S$ 175,000 100,000 175,000 450,000 925,000 (367,500) 20X1 S$ Assets Current assets Cash 150,000 Accounts receivables, net 120,000 Inventory 160,000 Total current assets 430,000 Non-current assets Equipment 900,000 Less: Accumulated (300,000) depreciation - Equipment Freehold Land 1,500,000 Total non-current assets 2,100,000 Total Assets 2,530,000 Liabilities and Shareholders' Equity Liabilities Current liabilities Accounts payable 360,000 Bank loan payable 60,000 Salaries payable 30,000 Utilities payable 30,000 Total current liabilities 480,000 Shareholders' Equity Share Capital 900,000 Retained earnings 1,150,000 Total shareholders' equity 2,050,000 Total Liabilities and 2,530,000 Shareholders' Equity 1,820,000 2,377,500 2,827,500 285,000 75,000 52,500 45,000 457,500 1,050,000 1,320,000 2,370,000 2,827,500 202107Sem Additional Information: iii. i. MB Pte Ltd reported a net profit after tax of $250,000 for the year 20X2 and paid $42,500 for taxes. ii. The company sold an equipment which cost $80,000 with a book value of $37,500 for $60,000. There is no other disposal. The company purchased a new model of an equipment which cost $105,000 using cash. iv. Assume that the fixed assets are all accounted for using the cost model. Assume that the short-term bank loan is interest-free. vi. Assume that the company's practice is to classify interest payments, interest receipts and dividend receipts as under operating cash flows and dividend payments as under financing cash flows on the Statement of Cash Flows, which they prepared using FRS 7 Statement of Cash Flows. Required: v. (a) Prepare a statement of Cash Flows for MB Pte Ltd for the year ended 31 December 20X2. In your answers, present the cash flows from operating activities using the indirect method. (Partial Answer Key: Net cash from operating activities=+$305k; Net cash used in investing activities=-$365k; Net cash provided by financing activities=$85k.)