QUESTION THREE [20] The following balances of Inspired Ltd as at 30 June 2022 are submitted to you. The following transactions amongst others, took place during the year: a) Machinery with a cost of R200 000 and a carrying amount of R60 000 was scrapped during the year. Machinery with a carrying amount of R160 000 was sold for R240 000. The company bought machinery with a cost of R300 000 . b) During the current year an amount of R220 000 was written off as depreciation. c) The company declared dividends of R140 000 of which R120 000 was paid. The balance is included in payables. d) Income tax expense amounted to R18 000 for the year and has been paid. e) On 30 June 2021 there were no amounts owing for dividend or tax. f) An investment of 10000 ordinary shares was held in Tube Limited on 01 July 2021. During the year another 40000 ordinary shares was obtained for R70 000 in Tube Limited. Dividends received amounted to R10000. g) Interest of R5 000 was paid during the year. h) Sales amounted to R750 000 for the year. Required: 3.1 Calculate the profit before tax. (5) 3.2 Prepare the Cash flow Statement with notes for the year ended 30 June 2022. (15)