Question 2 KANE CO. INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2019 AND THE STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018 AND 2019 WERE: Ghc'000 Ghc'000 Sale 720 Raw materials consumed 70 Staff Costs 94 Depreciation Loss on disposal of non-current assets 18 300 Operating profit 420 Interest payable 28 Profit before tax 392 Taxation 124 Profit for the year 268 118 2019 KANE CO. STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER 2018 Ghc'000 Ghc'000 Non-current assets; Cost 1,596 1,596 Depreciation (318) (224) 1.278 1.336 3 Current Assets: Inventory Trade Receivables 20 24 76 Bank 48 58 56 134 1.470 148 Total Assets 1.426 364 6 86 Equity and Liability: Equity; Share capital 396 Income Surplus 716 514 1.112 878 Non-current liabilities: Long term loans 200 500 Current Liabilities: Trade Payables 12 Taxation 102 Total Equity and Liabilities 1.426 1.470 Dividend paid were Ghc66,000 During the year the company paid Ghc90,000 for new piece of machinery Required: Prepare the statement of cash flows for Kane Co. for the year ended 31* December 2019 in accordance with the requirement for IAS 7 using the indirect method under the following headings a) Cash flows from operating Activities (AN:9) b) Cash flows from Investing Activities (AN:8) c) Cash flows from financing Activities) (EV:8)