400 450 Question 1 (20 marks) Comparative statement of financial position of Alpha Ltd., which follows IFRS, appear below: ALPHA LTD. Statement of Financial Position December 31, 2020 and 2019 2020 2019 Assets Cash $ 110 Accounts receivable Inventory Prepaid insurance Long-term investments Land 600 Buildings 275 Equipment 400 Accumulated depreciation (300) (400) $1645 $ 1.227 Liabilities and shareholders' equity Accounts payable Dividends payable 44 Notes payable 140 Long-term bank loan 410 Preferred shares 200 Common shares 300 Retained earnings Total liabilities and shareholders' equity $ 1645 $ 1.227 Additional information 1. Long-term investments are portfolio in nature. The sale of part of the portfolio during the year resulted in a realized gain of $20. 2. Common shares were issued in the year in exchange for equipment having a fair value of $50. 3. A building was sold for a loss of $75. The cost of the building was $225 and the accumulated depreciation at the time of sale was $125. 4. Land was sold for $500 that had cost $400. 5. During the year. Alpha declared and issued common stock dividends of $25 6. During the year preferred shares were repurchased and cancelled for $260. ************* 500 85 Required: Prepare the statement of cash flows in good form using the indirect method. Include the required note disclosures