Practical Question 3-Statement of Cash Flows tial position and statement of profit or loss of Ariana Ltd year ended 30 \begin{tabular}{|l|r|r|} \hline \multicolumn{2}{|c|}{ Ariana Ltd } \\ \hline \multicolumn{2}{|c|}{ Statement of Profit or Loss } \\ \hline \multicolumn{2}{|c|}{ for the year ended 30 June 2022 } \\ \hline Income & & \\ \hline Sales & 593,500 & \\ \hline Gain on sale of land & 9,000 & \\ \hline Total Income & & 602,500 \\ \hline Less : Expenses: & 420,000 & \\ \hline Cost of Sales & 4,000 & \\ \hline Depreciation Expense - equipment & 4,500 & \\ \hline Depreciation Expense - buildings & 3,800 & \\ \hline Interest Expense & 1,550 & \\ \hline Bad Debts Expense & 110,000 & 543,850 \\ \hline Employee and Other Expenses & & 58,650 \\ \hline Profit before Tax & & \\ \hline Income Tax Expense & & \\ \hline Profit for the year & & \\ \hline \end{tabular} Additional Information: 1. Land with a cost of $50,000 was sold for cash for $59,000 2. Equipment of $53,000 was purchased during the year. 3. 10,000 shares were issued during the year for $2 each. 4. Cash dividends were paid during the year. 5. A bank loan of $15,000 was repaid during the year. Required: Prepare the statement of cash flows for Ariana Ltd for the year ended 30 June 2022 using the direct method as required by AASB 107 (you are required to show the relevant T-account reconstructions). (15 Marks)