The following comparative statements of financial position and income statement are for the business of Bargains Galore Pty Ltd: Bargains Galore Pty Ltd Comparative statements of financial position as at 30 June 2019 2020 Assets Cash at bank $15,000 $22,000 Accounts receivable 70,000 55,000 Inventory 50,000 67,000 Prepaid expenses 40,000 35,000 Plant and equipment 500,000 540,000 Accumulated depreciation plant and equipment (150,000) (190,000) $525,000 $529,000 Liabilities and equity Accounts payable $33,000 $10,000 Expenses payable 22,000 30,000 Current tax liability 45,000 41,000 Share capital 300,000 300,000 Retained earnings 125,000 148,000 $525,000 $529,000 Bargains Galore Pty Ltd Income statement for year ended 30 June 2020 Income Sales revenue $800,000 Expenses Cost of sales Wages and salaries Depreciation - plant and equipment Other expenses Income tax expense Profit $408,000 160,000 40,000 75,000 40,000 723,000 77,000 Additional information a) All sales and purchases of inventory are on credit. b) Income tax is paid in one instalment during the year. c) A dividend had been paid to shareholders. d) Additional plant had been acquired for a cash outlay. Prepare the statement of cash flows for the company for the year ended 30 June 2020. Use the direct method. (Show amounts that decrease cash flow using either a negative sign, e.g. -15, 000, or parentheses, e.g. (15,000).) Bargains Galore Pty Ltd Statement of cash flows for the year ended 30 June 2020