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Problem - Divine Ltd reported the following information for the year ended 30 June 2021:
2021 $
2020 $
Land
300,000
250,000
Building
650,000
175,000
Accumulated depreciation
(235,000)
(100,000)
Plant
570,000
490,000
(280,000)
(175,000)
Asset revaluation surplus-land
45,000
10,000
Additional information:
Land was revalued during the year. The tax rate is 30%.
Plant with a cost of $60,000 and an accumulated depreciation of $15,000 was sold for cash during the year. A gain on sale of plant $18,000 was recorded in the profit or loss statement.
Plant was also purchased during the year.
A new building was purchased: $350,000 was paid for by borrowing arrangements with the bank and the balance was paid in cash. There were no buildings sold.
Required - Calculate and prepare Cash Flows from Investing Activities (an extract from the Statement of Cash Flows) in accordance with AASB107 for the year ended 30 June 2021.
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