The following are key extracts from the financial statements of King's Aerospace PLC for financial years ending 31st of December 2020 and 2021: King's Aerospace PLC 2020 Revenue Opening Stock 175,000,000 2021 200,000,000 20,000,000 25,000,000 Purchases 80,000,000 100,000,000 Closing Stock (25,000,000) (45,000,000) Cost of Sales (75,000,000) (80,000,000) Gross Profit 100,000,000 120,000,000 Depreciation (10,000,000) (15,000,000) Other Operating Expenses (50,000,000) (40,000,000) Operating Profit 40,000,000 65,000,000 Interest Expense (2,000,000) (5,000,000) Profit Before Tax 38,000,000 60,000,000 Corporation Tax (7,600,000) (12,000,000) Profit for The Year 30,400,000 48,000,000 Non-Current Assets 45,000,000 55,000,000 Prepayments Other Operating Expenses 2,000,000 4,000,000 Trade Receivables 15,000,000 55,000,000 Inventories 25,000,000 45,000,000 Cash 10,000,000 ? Trade Payable 55,000,000 50,000,000 Accrued Tax Liability 26,000,000 7,600,000 Long term Loan 30,000,000 50,000,000 10,000,000 40,000,000 20,000,000 30,000,000 15,000,000 43,000,000 Share Capital (1) Share Premium Retained Earnings Further to the information contained in the financial statements above during the 2021 financial year a dividend to ordinary shares was paid of 20,000,000 and the interest payable expense was fully paid up in cash at 5,000,000. a) Using the income statement and balance sheet provided above, please draw up the statement of cash flows for the financial year ending the 31st of December 2021 and state what the cash figure should be for 2021 (please note the balance sheet above should not be used to calculate cash, as only extracts are shown above to provide sufficient information to complete the statement of cashflows). (10 marks) b) Adopt the role of a financial analyst and reflect upon each of the three sections of the statement of cashflows. Based upon the income statement and balance sheet, as well as the cashflow statement you've drawn up in answer to part a, state whether you would consider investing in King's Aerospace PLC and any concerns you might have about this investment given the information provided. What further information would you request from or about King's Aerospace PLC's before making any investment? (10 marks) c) Assume that King's Aerospace PLC is looking to expand the business and needs to raise 300,000,000 to do so. State firstly whether you would recommend they raise this capital by equity or by debt. Secondly, the rationale behind your recommendation weighing up the advantages and disadvantages. (5 marks) d) If they were to raise the 300,000,000 by equity finance, offer your recommendation on whether they should consider a private placement or public offering to raise this capital. Discuss the rationale behind your recommendation weighing up the advantages and disadvantages