Open question Income statement for 2016 Note 31-Dec-16 31-Dec-15 Note For 2016 Financial position Assets Non-current assets Plant and equipment 1 18,000 20,000 Inventory Trade receivables Cash 16,000 15,000 10,000 15,000 8,000 1 Revenue Cost of sales Depreciation Profit from sale of equipment Operating profit Interest on bank loan Income tax expense Profit for the year (Net Incomel 15,000 (20,000) (2.000) 8,000 1,000 (400) (200) 400 2 Total assets 59,000 43,000 Equity and liabilities Equity shares of $1 each Retained earnings 15,000 21,200 12,400 12,000 4,000 5,400 20,000 12,000 Bank loan Trade payables (for inventory) Total equity and liabilities 59,000 43,000 Note 1. One unit of equipment for sold for $12000 Note 2. Interest on bank loan is paid by 31 Dec-16, Chief Financial Officer's comment: Our industry was being under pressure during the entire 2016. Despite all the difficulties we were able to camn profit whereas all our main competitors incurred losses. I think we deserved a bonus Prepare cash flow statement for 2015 year (use DIRECT approach for cash from operations) b. Critically discuss the Company's performance for 2016 with teference to Chief Financial Officer's comment