Condensed statement of financial position and statement of income are given below for Sinclair Corp. Sinclair Corp Comparative Statement of Financial Position at December 31 (in millions of Canadian dollar) 2019 $365 2018 $280 75 142 Cash Canada Treasury Bills1-month maturity FV-NI investments 83 110 Accounts receivable Allowance for doubtful accounts 750 85 600 25 150 660 75 660 Inventory Prepaid expenses Land Plant assets Accumulated depreciation plant assets Patents 16 100 1,800 -600 180 $3.378 S3.289 1,800 -570 201 Accounts payable (used only for merchandise inventory) $130 $35 Accrued liabilities Dividends payable Income taxes payable Bonds 80 15 15 75 39 5. 2,010 30 1,935 45 Deferred tax liability Preferred shares Common shares Retained Earnings 150 100 440 615 268 680 $3.378 $3.289 Sinncran corp Statement of Income Year Ended December 31, 2019 (in millions of Canadian dollar) Sales $4,600 3,220 1,380 910 470 Cost of goods sold Gross margin Other operating expenses Income from operations Other expenses and gains Interest expense Impairment loss on patents FV-NI Investment loss Income before tax $120 $21 16 157 313 Income tax expense: Current 98 (S15) 83 Deferred Net income $230 Additional information: 1. Sinclair, which follows IFRS, has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. 2. FV-NI investments in WLU Corp. were sold on the December 21, and there were no unrealized gains or losses on the remaining FV-NI investments. The FV-NI investments' carrying amount and market value were the same at December 31, 2019. 3. The bonds were issued at a discount. No new bonds were issued. No existing bonds were retired. 4. Accounts receivable of $30 million were written off. 5. Intangible assets were impaired. 6. Sinclair paid S182 million to repurchase and cancel common shares. Instructions: Prepare the 2019 statement of cash flows in good fom using the direct method. Ignore additional note disclosures. Show ALL necessary calculations.