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On the 1st July 2019 Jerome Ltd recorded at Cash Balance of $500000 overdraft. The following transactions were undertaken by Jerome Ltd during the financial year ended 30 June 2020. Ignore GST.
Paid cash dividends of $240 000.Sold a long-term government bond, with a carrying amount of $160 000, for $184 000, including $15 000 accrued interest.Purchased shares in MBW Ltd to be held as an investment for $400 000 cash.Paid off a long-term $320 000 loan. Interest paid on this loan $18 000.Received sponsorship funding $220,000Received from customers 1,172,000.Issued ordinary shares for cash, $800 000.Paid Wages to Employees $312,000Purchased factory machinery, giving $110 000 cash and signing a mortgage loan for $400 000.Issued 5% debentures to secure funding of $710 000.Purchased land to be held for future expansion for $850 000 cash.Income Tax paid $92,000.Paid to Suppliers $679,000.
Question A. Prepare the Cash Flow Statement for Jerome Ltd if the Cash Balance at the beginning was an overdraft of ($500 000). Show each of the following sections:
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