QUESTION 16 The following information relate to CSK Itd for the year ended December 31, 2017 including comparative figures of 2014. Income Statement for the year ended December 31,2017 Sales 30,650 Cost of sales ( 26,000) Gross profit 30,650 Depreciation (450) Administrative and selling expenses (910) Interest expense (400) Investment income 500 Foreign exchange loss ( 40) Profit before taxation 31,150 Taxes on income ( 300) Net Profit after tax 31.150 Statement of Financial Positions as at end of December 31,20172017 2016 Assets GHC GHc Cash and cash equivalents 230 160 Accounts receivable 1.900 1200 Inventory 1,000 1950 Portfolio investments 2,500 2500 Property, plant and equipment net 2.280 850 Total assets 7.910 6,660 Liabilities: Trade payables 250 1890 Interest payable 230 100 Income taxes payable 400 1000 Long-term debt 2,300 1040 Total liabilities 3,180 4.030 Shareholders' equity: Share capital 1,500 1250 Retained earnings 3,230 1380 Total shareholders' equity 4,730 2,630 Total liabilities and shareholders' equity 7,910 6,660 YOU ARE REQUIRED TO PREPARE STATEMENT OF CASH FLOW AS PER IAS 7 USING INDIRECT METHOD