Pinto is a publicly listed company. The following financial statements of into are available of comprehensive income for the year ended 31 March 2008 Cost of sales Gross profit Income from and gains on investment property Distribution costs Administrative expenses inte Finance costs Poft before the Income tax expense Profit for the year Other comprehensive income Gains on property evaluation Total comprehensive income 440 (160) 280 100 29 Statements of financial position as at 31 March 2008 5000 000 31 March 2007 $'000 000 Non-current assets note Property, plant and equipment Investment property 2.880 1860 3.300 Current assets Inventory Trade receivables Income tax asset 15288 1,700 5,000 99871 Total assets Equity and liabilis Equity shares of 20 cents each inte Share premium Revaluation reserve Retained earnings 600 150 1.440 1,360 1.960 400 Non-current liabilities 6% loan notes note ) Deferred tax Current abilities Trade payables Bank Overdratt Warranty provision (note iv) Current tax payable Total equity and liabilities 15823 lsz 1158 50 1.410 1.050 120 200 150 1.270 3.660 The following supporting information is available: (1) An item of plant with a carrying amount of $240.000 was sold at a loss of $90,000 during the year. Depreciation of $280,000 was charged (to cost of sales) for property, plant and equipment in the year ended 31 March 2008. Pinto uses the fair value model in IAS 40 Investment Property. There were no purchases or sales of investment property during the year. ( The 6% loan notes were redeemed early incurring a penalty payment of $20,000 which has been charged as an administrative expense in the income statement. (III) There was an issue of shares for cash on 1 October 2007. There were no bonus issues of shares during the year. (iv) Pinto gives a 12 month warranty on some of the products it sells. The amounts shown in current liabilities as warranty provision are an accurate assessment, based on past experience, of the amount of claims likely to be made in respect of warranties outstanding at each year end. Warranty costs are included in cost of sales. (v) A dividend of 3 cents per share was paid on 1 January 2008. Required: (a) Prepare a statement of cash flows for Pinto for the year to 31 March 2008 in accordance with IAS 7 Statement of cash flows. (15 marks) Pinto is a publicly listed company. The following financial statements of into are available of comprehensive income for the year ended 31 March 2008 Cost of sales Gross profit Income from and gains on investment property Distribution costs Administrative expenses inte Finance costs Poft before the Income tax expense Profit for the year Other comprehensive income Gains on property evaluation Total comprehensive income 440 (160) 280 100 29 Statements of financial position as at 31 March 2008 5000 000 31 March 2007 $'000 000 Non-current assets note Property, plant and equipment Investment property 2.880 1860 3.300 Current assets Inventory Trade receivables Income tax asset 15288 1,700 5,000 99871 Total assets Equity and liabilis Equity shares of 20 cents each inte Share premium Revaluation reserve Retained earnings 600 150 1.440 1,360 1.960 400 Non-current liabilities 6% loan notes note ) Deferred tax Current abilities Trade payables Bank Overdratt Warranty provision (note iv) Current tax payable Total equity and liabilities 15823 lsz 1158 50 1.410 1.050 120 200 150 1.270 3.660 The following supporting information is available: (1) An item of plant with a carrying amount of $240.000 was sold at a loss of $90,000 during the year. Depreciation of $280,000 was charged (to cost of sales) for property, plant and equipment in the year ended 31 March 2008. Pinto uses the fair value model in IAS 40 Investment Property. There were no purchases or sales of investment property during the year. ( The 6% loan notes were redeemed early incurring a penalty payment of $20,000 which has been charged as an administrative expense in the income statement. (III) There was an issue of shares for cash on 1 October 2007. There were no bonus issues of shares during the year. (iv) Pinto gives a 12 month warranty on some of the products it sells. The amounts shown in current liabilities as warranty provision are an accurate assessment, based on past experience, of the amount of claims likely to be made in respect of warranties outstanding at each year end. Warranty costs are included in cost of sales. (v) A dividend of 3 cents per share was paid on 1 January 2008. Required: (a) Prepare a statement of cash flows for Pinto for the year to 31 March 2008 in accordance with IAS 7 Statement of cash flows. (15 marks)