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Question 3: Geronimo Ltd statement of Profit or Loss for the period ended 31 December 20X6 and statement of Financial Position for the year ended 31 December 20x5 and 20x6 were as follows: Geronimo Ltd Statement of profit or loss for the year ended 31 December 20X6 ,000 Sales revenue 1.100 Cost of Sales (678) Gross Profit Operating Expenses (309) Operating Profit 113 Investment income-Interest 72 FinanceCost (22) Profit before tax Income tax expenses (71) Profit for the year rebel ,000 630 209 839 Geronimo Ltd Statement of financial position as at 31 December 20X6 20x5 .000 .000 .000 ASSETS Non-current assets Cost 1.048 750 Depreciation (190) (120) 858 Current assets Inventory 98 105 Trade receivables 102 86 Cash 42 18 242 Total assets 1.100 EQUITY AND LIABILITIES Equity Share capital 200 Share premium 79 57 Revaluation reserve 212 Retained earnings 283 226 774 Non-current liabilities Long-term loan 200 Current liabilities Trade payables Interest Payable Tax payable 120 Total equity and liabilities 1.100 415 300 alwb 839 Operating expenses include a loss on disposal of 5,000 relating to plant which originally cost 30,000 and with accumulated depreciation of 15,000 which was disposed of during the year. Requirements Prepare a statement of cash flows for Geronimo Ltd forthe year ended 31 December 20X6 in accordance with the requirements of IAS 7, using the indirect method. The reconciliation of profit before tax to cash generated from operations should be shown as a note. (ALL WORKINGS SHOULD BE SHOWN)