Calculate and prepare cash flows from investing activities

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Reference no: EM133019845

Question - Divine Ltd reported the following information for the year ended 30 June 2021:

 

2021

2020

Land

300,000

250,000

Buildings

650,000

175,000

Accumulated depreciation

(235,000)

(100,000)

Plant

570,000

490,000

Accumulated depreciation

(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.

Reference no: EM133019845

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