Reference no: EM132919591

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:

Problem 1: 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.