The following are extracts from the Statement of Comprehensive Income of Lilliput's Travels CC as well as the Statement of Financial Position of Lilliput's Travels CC for the financial year ended 30 June 2022: Statement of Financial Position as at 30 June 2022 ASSETS Non-current assets Land at cost Vehicles (carrying value) Furniture (carrying value) Investment: Fixed deposit 7% p.a. Current assets Inventory Trade receivables Cash and cash equivalents Total assets EQUITY AND LIABILITIES Members' interest Members' contributions 2022 R 4 703 500 0 2 250 000 1 253 500 1 200 000 2 723 000 1 328 000 1 395 000 7 426 500 5 486 000 4 163 000 2021 R 6 149 200 1 500 000 2 350 500 1 398 700 900 000 1 862 600 814 100 965 500 83 000 8 011 800 4 990 100 3 255 100 Retained earnings (Note 1) Total equity Non-current liabilities Long-term loans from members Current Liabilities Trade payables Distributions to members payable Income tax payable Bank overdraft Total liabilities Total equity and liabilities 1 323 000 Profit before taxation Income tax expense for the year Net profit for the period 5 486 000 1 000 500 1 000 500 940 000 348 000 279 000 237 000 76 000 1 940 500 7 426 500 1735 000 4 990 100 925 000 925 000 2 096 700 1 337 000 362 000 397 700 3 021 700 8 011 800 An extract of the Statement of Comprehensive Income for the year ending 30 June 2022: R 1 345 600 (376 768) 968 832 Balance as at 1 July 2021 Net profit for the period Distributions to members for the year (declared) Balance as at 30 June 2022 R 1 735 000 968 832 (1 380 832) 1 323 000 Additional information of transactions that occurred during the financial year and which were correctly accounted for: The members of Lilliput's Travels CC are satisfied with the interest return the entity received from their fixed deposit and thus decided to invest more on 1 March 2022. All investment and interest transactions were completed in cash. The only change in the loans from members was an additional loan amount provided by a member on 1 January 2022. The loans from the members bear interest at a rate of 12% per annum. Interest for the 2022 financial year was paid in cash to the members. R330 000 R45 000 The following gains were made during the financial year. See further information in bullets below: o Gain on sale of land o Gain on sale of a travel minibus The only land owned by Lilliput's Travels CC was sold during the financial year. . During the financial year, a travel minibus with a carrying value of R435 000 was sold in order to replace it with a new, more fuel-efficient bus. One of the members decided to contribute this new travel minibus from his personal capacity to the close corporation ("CC") at a cost of R755 000. The transaction was recorded as a Furniture with a carrying amount of R 30 000 was disposed of for R25 000, whereas one new item of furniture was purchased during the financial year. There were no other purchases or disposals of furniture. A leak in one of the water pipes caused certain furniture to be damaged. It was thus decided to impair the furniture by R25 000. Depreciation of all furniture during the financial year (including that of the furniture disposed and purchased) totaled R180 200. capital contribution in the accounting records of the CC. This was the only addition and disposal of vehicles for the financial year. There were no other transactions affecting property, plant, and equipment during the financial year other than those mentioned above. All assets have a zero residual value. The accounting policy is to measure and disclose all land and vehicles on the cost model but the equipment on the revaluation model. REQUIRED: Prepare the Statement of Cash Flows of Lilliput's Travels CC for the financial year ended 30 June 2022. Ignore VAT. Show all workings clearly. Aligns to SAICA competencies: D1.1 a) (65 marks) Financial reporting: in accordance with International Financial Reporting Standards (IFRS) Prepare, analyse and evaluate general purpose financial statements in accordance with IFRS for an entity, which could be a for-profit entity, an SME, a public sector entity or a not-for-profit entity