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Question - The balances of selected accounts of Grey Ltd at 30 June 2020 and 30 June 2021 are:
2021 $000
2020 $000
Sales (all on credit)
750
1,050
Cost of goods sold
390
330
Doubtful debts expense
75
90
Interest expense
60
Salaries
Depreciation
25
45
Gain on sale of plant
10
20
Cash
5
155
Inventory
540
480
Accounts receivable
800
Allowance for doubtful debts
80
105
Land
450
Plant
300
270
Accumulated depreciation
65
Accounts payable
600
570
Accrued salaries
66
54
Long-term loan
258
Share capital
400
Additional information:
(a) Dividends of $50,000 were paid during the year ending 30 June 2021.
(b) Plant with a carrying amount of $30,000 (original cost $80,000 and accumulated depreciation $50,000) was sold during the year and new plant was acquired.
Required - Prepare the Statement of Cash Flows and all supporting notes for the year ending 30 June 2021?
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