You have been provided with the draft annual consolidated financial statements of Solar (Pty) Ltd for the year ended 30 June 2023: SOLAR (PTY) LTD Consolidated Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2023 Revenue Cost of Sales Gross profit Other income Other expenses Finance costs Profit before tax Income tax expense Profit for the year Other comprehensive income Total comprehensive income for the year Profit attributable to: Owners of the parent Non-controlling interest Total comprehensive income attributable to: Owners of the parent Non-controlling interest 12 2 3 2023 Rand 437 670 000 (259 782 250) 177 887 750 375 000 (126 903 105) (450 000) 50 909 645 (14 422 700) 36 486 945 36 486 945 35 400 000 1 086 945 36 486 945 35 400 000 1 086 945 36 486 945 SOLAR (PTY) LTD Consolidated Statement of Financial Position as at 30 June 2023 Notes Assets Non-current assets Land at cost Plant and machinery Vehicles Total non-current assets Current assets Inventory Trade receivables Financial assets - held for trading Bank and cash Total current assets Total assets Equity and Liabilities Ordinary share capital Retained earnings Non-controlling interest Total equity Non-current liabilities Long-term loans Deferred tax Total non-current liabilities 2023 Rand 160 000 000 56 250 000 4 512 250 220 762 250 41 200 000 36 200 000 740 000 39 343 065 117 483 065 338 245 315 200 500 000 85 662 500 5 724 445 886 945 291 14 760 550 28 000 14 788 550 2022 Rand 140 000 000 65 000 000 5 405 000 210 405 000 42 800 000 33 655 000 330 000 16 420 000 93 205 000 303 610 000 200 500 000 51 350 000 5 000 000 256 850 000 15 870 550 15 870 550 Current liabilities Current portion of long-term loans Trade payables Taxation payable: SARS Shareholders for dividends Total current liabilities Total liabilities Total equity and liabilities Balance at 1 July 2022 Total comprehen- sive income for the year Dividends Balance at 30 June 2023 Notes: SOLAR (PTY) LTD Consolidated Statement of changes in equity for the year ended 30 June 2023 Retained Non-control- earnings ling interest Total equity Share capital 200 500 000 200 500 000 1. Other income: Other income consists of the following: 51 350 000 35 400 000 (1 087 500) 85 662 500 2023 Rand Fair value adjustment - held for trading investments Dividends received 1 110 000 8 759 820 19 700 000 2 000 000 31 569 820 46 358 370 338 245 315 2022 Rand 1 086 945 (362 500) 1 110 000 12 559 450 16 020 000 1 200 000 30 889 450 46 760 000 303 610 000 5 000 000 256 850 000 Rand 150 000 25 000 36 486 945 (1 450 000) 5 724 445 291 886 945 Profit on sale of machinery Profit on land expropriation 2. Other expenses: Other expenses consist of the following: Sundry expenses Depreciation - vehicles Depreciation - plant and machinery Loss on sale of vehicles Current tax Deferred tax 15 000 185 000 3. Income tax expense: Income tax expense in the statement of profit or loss and other comprehensive income consists of the following: An income tax rate of 28% is assumed. Rand 113 477 605 1 107 500 12 273 000 45 000 Rand 14 394 700 28 000 4. Property, plant, and equipment: Land: Included in profit before tax is the profit made on the expropriation of land of a subsidiary in which Solar (Pty) Ltd has a 75% interest. The land had a cost (carrying amount) of R150 000 on 1 July 2022. Additional investments in land were made to expand operations. Land within the group is not leased to third parties. Plant and machinery: The carrying amount of machinery sold during the year was R650 000. Plant and machinery were acquired to expand the current production capacity. Vehicles: The carrying amount of vehicles sold was R215 000 on the date of sale. The vehicles were sold on the 30th June 2023. The tax bases of all the assets are equal to the carrying amounts. REQUIRED: Prepare the Consolidated Statement of Cashflows using the indirect method for the financial year ended 30 June 2023 in accordance with International Financial Report- ing Standards (IFRS). (46 marks)