QUESTION 3 The following comparative balance sheets and income statement are for the business of Microbrewery Ltd. Microbrewery Ltd. Comparative Balance sheets as at 30 June 2018 $ 2017 $ Assets Cash Accounts Receivable 17,800 7,100 34,500 70,000 45,000 174,400 9,200 6,800 25,000 75,000 Inventory Land and Building (net) Motor vehicle (net) 15,000 131,000 Total assets Liabilities and Shareholders' equity Liabilities 7,400 8,100 Accounts Payable Operating expenses payable Income Tax Liability 5,200 5,000 20,000 2,100 4,500 25,000 Loan 80,000 Shareholder Equity Share capital Profit/ retained earnings Total liabilities and Shareholder equity 90,000 46,800 174,400 11,300 131,000 Microbrewery Ltd. Income Statement for the year ended 30 June 2018 Sales revenue 250,000 Cost of sales 120,000 4,500 5,000 Depreciation- Motor vehicle Depreciation- Building Operating expenses Total Expenses Profit Before Tax 52,000 181,500 68,500 Income tax expense NET PROFIT 5,000 $ 63,500 Additional Information: 1. Motor Vehicle purchased for cash during the year. 2. Issues ordinary Share for cash during the year. 3. Cash dividends were declared and paid during the year. 4. All sales and purchases are on account. 5. Accounts payable pertains to inventory purchased from creditors. 6. All operating expenses except depreciation are paid in cash. REQUIRED: Prepare a fully-classified statement of cash flows for the financial year ending 30 June 2018 using the direct method