The comparative statement of financial position and statement of profit or loss of Griffin Ltd for the year ended 30 June 2019 are as follows: Griffin Ltd Statement of Financial Position as at 30 June 2019 2019 2018 Current assets Cash at bank Cash deposits (30-day) Accounts receivable Allowance for doubtful debts Interest receivable Inventories Prepayments $ 114 000 80 000 82 000 (9 000) 4 000 226 000 3 000 500 000 $ 70 000 30 000 75 000 (5000) 3 000 200 000 7 000 380 000 Non-current assets Land Plant Accumulated depreciation Investment in associate Brand names 120 000 700 000 (180 000) 92 000 90 000 822 000 $ 1322 000 100 000 600 000 (140 000) 80 000 120 000 760 000 $1 140 000 Total assets Current liabilities Accounts payable Interest payable Current tax payable Non-current liabilities Borrowings Deferred tax liability Provision for employee benefits $ 196 000 18 000 42 000 256 000 $ 180 000 12 000 40 000 232 000 138 000 40 000 33 000 211 000 467 000 98 000 35 000 20 000 153 000 385 000 Total liabilities Equity Share capital Retained earnings 530 000 325 000 855 000 $ 1 322 000 500 000 255 000 755 000 $ 1140 000 Total liabilities and equity $ 1 980 000 (1 230 000) 750 000 2 000 20 000 8 000 780 000 Griffin Ltd Statement of Profit or Loss for the year ended 30 June 2019 Sales Cost of sales Gross profit Interest Share of profits of associate Gain on sale of plant Total income Expenses Salaries and wages Depreciation Discount allowed Doubtful debts Interest Other (including impairment of brand names $30 000) Profit before tax Income tax expense Profit for the year $ 452 000 50 000 8 000 6 000 21 000 86 000 623 000 157 000 (47 000 110 000 Additional information in relation to the year ended 30 June 2019: a) There were no cash sales during the year. b) Bad debts written off during the year amounted to $2 000 c) 30-day cash deposits are used in the course of the daily cash management of the company d) There have been no asset revaluations during the year e) Disposals of plant comprised: original cost $50 000, accumulated depreciation $10 000 f) Movements in "Investment in associate account comprised $20 000 share of profit of associate less $8 000 dividend received g) Income tax expense comprises current tax payable component of $42 000 and a deferred tax liability component of $5 000 Required 1. Prepare working papers showing calculations to determine cash flows from operating, investing and financing activities required to be disclosed under AASB 107 using the direct method. Use of T accounts or equations is acceptable; 2. Prepare the Statement of Cash Flows for Griffin Ltd for the year ending 30 June 2019 in accordance with AASB 107. Comparatives are not required Provide a reconciliation of net profit after tax with net cash provided by operating activities in accordance with AASB 1054. 3