The following extract from the income statement has been prepared for Kingstone plc for the year ended 30 June 2017 $000 Revenue 23470 Cost of sales (11744) 11726 Gross profit Dividends received 1500 Gain on disposal of non-current asset Distribution costs 790 (4276) (3148) 6592 Administrative expenses Profit from operations On 1 May 2017 the directors issued $11250 000 8% debentures redeemable in 2022. The estimated tax liability for the year was $1564 000. Additional information The last two statements of financial position were as follows: Statement of financial position at 30 June 2017 2016 $000 $000 Assets Non-current assets Property, plant and equipment (net book value) 39470 39470 21018 21018 Current assets Inventories 3318 4096 Trade receivables 3124 2316 Cash and cash equivalents 908 8128 5634 Total assets 47598 26652 Equity and Liabilities Equity Ordinary share capital ($1) Share premium Retained earnings Total equity 8 000 6 000 4 000 3000 19254 14676 31254 23676 Non-current liabilities 8% Debentures (2022) 11250 Current liabilities: Trade payables Taxation 3470 1592 1624 1218 Bank overdraft 166 2976 2976 5094 Total liabilities 16344 47598 Total equity and liabilities 26652 Other information is as follows: During the year the company paid total dividends of $300 000. During the year property, plant and equipment costing $1680 000 was sold. The accumulated depreciation on this property, plant and equipment was $1430000 The total depreciation charge for the year was $4 100 000 1 2. 3. REQUIRED (a) Prepare ended 30 June 2017. a statement to show the net cash from operating activities for the year [10 marks] (b) Prepare a statement of cash flows for the year ended 30 June 2017 in accordance with IAS 7. [15 marks]