Reference no: EM132503972
Question - Humorous Ltd had cash and cash equivalents at 1 July 2018 of $ 1,400,000. The transactions of Humorous Ltd for the year to 30 June 2019 are as follows:
Borrowed $180,000 with a 6-month loan payable.
Received $2,280,000 cash from accounts receivable.
Sold for $240,000 cash a plant asset with a carrying amount of $160,000.
Issued ordinary shares for $720,000 cash.
Purchased a plant asset for $530,000; $162,000 in cash and $368,000 on loan.
Exchanged 90,000 shares for land with a fair value of $900,000.
Received a $200,000 dividend in cash.
Received $40,000 interest from term deposit.
Invested $600,000 cash on the short-term money market.
Paid fixed-term loan principal of $480,000 and interest of $48,000.
Cash payments for suppliers' accounts $1,500,000.
Dividend paid during the period $120,000.
Insurance expense shown in the income statement is $84,000. At the end of the year the balance sheet shows prepaid insurance expense of $42,000. There was a prepaid insurance expense of $36,000 at the beginning of the year.
Required - Make the statement of cash flows of Humorous Ltd for the year to 30 June 2019.
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