Question One The Purple Lilac has provided the following financial statement as at December 31, 2017 BALANCE SHEET 2016 2017 CONDENSED INCOME STATEMENT 2017 Note : During the year non-current asset costing $140,000 with a book value or $110,000 was sold at a profit of $20,000 Required 1. Prepare the cash flow statement for 2017 2. Use appropriate items in the cash flow statement to comment on a. The state of liquidity in the company b. The state of profitability in the company