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D Question 13 10 pts Recommended time to complete: 20 minutes Phoenix Limited reported the following results for the year ended 30 June 2021. Phoenix Limited Statement of profit or loss for the year ended 30 June 2021 Sales 540,000 Cost of sales 435,500 GROSS PROFIT 104,500 Gain on sale of equipment 5,400 Less expenses: Operating expenses 43,400 Interest expense 2,500 PROFIT BEFORE TAX 64,000 Income tax expense 19.200 PROFIT AFTER TAX 44,800 An extract from the Statement of financial position is as follows:An extract from the Statement of financial position is as follows: Phoenix Limited Statement of financial position as at 30 June 2021 2021 2020 $ $ ASSETS Cash 43,400 25,350 Accounts receivable 35,450 28,500 Inventory 45,800 52,300 Property Plant & Equipment 114,000 125,000 accumulated depreciation (28.400) (22,400) LIABILITIES Accounts payable 26,350 25,100 Tax payable 5,300 5,400 Additional information: Operating expenses includes depreciation of $8,400. Other operating expenses were all paid in cash. Cash received from sale of equipment was $28,000. Required:accumulated depreciation (28,400) (22.400) LIABILITIES Accounts payable 26,350 25,100 Tax payable 6,300 5,400 Additional information: Operating expenses includes depreciation of $8,400. Other operating expenses were all paid in cash. Cash received from sale of equipment was $28,000. Required: Show all workings. Clearly label all your answers to each part of the question. e.g. (a) (b) a) Prepare the operating activities section of the statement of cash flows (direct method). (6 marks) (b) Calculate the payments for property, plant & equipment acquired. (4 marks) Edit View Insert Format Tools Table 12pt Paragraph B O EV EVE