A comparative statement of financial position for Whispering Winds Corporation follows WHISPERING WINDS CORPORATION Statement of Financial Position December 31 Assets 2020 2019 Cash $74,100 $33,060 Accounts receivable 99,180 67,260 Inventory 151,620 92,340 FV OCI investments in shares 71,820 95,760 Land 74,100 117,420 Equipment 444,600 490,200 Accumulated depreciationequipment (133,380 ) (98,040 ) Goodwill 141,360 197,220 Total $923,400 $995,220 Liabilities and Shareholders Equity Accounts payable $13,680 $58,140 Dividends payable 17,100 36,480 Notes payable 250,800 381,900 Common shares 302,100 142,500 Retained earnings 328,320 323,760 Accumulated other comprehensive income 11,400 52,440 Total $923,400 $995,220 Additional information 1 Net income for the fiscal year ending December 31, 2020, was $21,660 2 In March 2020, a plot of land was purchased for future construction of a plant site In November 2020, a different plot of land with original cost of $98,040 was sold for proceeds of $108,300 3 In April 2020, notes payable amounting to $159,600 were retired through the issuance of common shares In December 2020, notes payable amounting to $28,500 were issued for cash 4 FV OCI investments were purchased in July 2020 for a cost of $17,100 By December 31, 2020, the fair value of Whispering Windss portfolio of FVOCI investments decreased to $71,820 No FVOCI investments were sold in the year 5 On December 31, 2020, equipment with an original cost of $45,600 and accumulated depreciation to date of $13,680 was sold for proceeds of $23,940 No equipment was purchased in the year 6 Dividends on common shares of $36,480 and $17,100 were declared in December 2019 and December 2020, respectively The 2019 dividend was paid in January 2020 and the 2020 dividend was paid in January 2021 Dividends paid are treated as financing activities 7 A loss on impairment was recorded in the year to reflect a decrease in the recoverable amount of goodwill No goodwill was purchased or sold in the year (a) Prepare a statement of cash flows using the indirect method for cash flows from operating activities (Show amounts that decrease cash flow with either a sign e g 15,000 or in parenthesis e g (15,000) )

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A comparative statement of financial position for Whispering Winds Corporation follows: WHISPERING WINDS CORPORATION Statement of Financial Position December 31 Assets 2020 2019 Cash $74,100

A comparative statement of financial position for Whispering Winds Corporation follows:

WHISPERING WINDS CORPORATION Statement of Financial Position
	December 31
Assets	2020		2019
Cash	$74,100		$33,060
Accounts receivable	99,180		67,260
Inventory	151,620		92,340
FV-OCI investments in shares	71,820		95,760
Land	74,100		117,420
Equipment	444,600		490,200
Accumulated depreciationequipment	(133,380	)	(98,040	)
Goodwill	141,360		197,220
Total	$923,400		$995,220
Liabilities and Shareholders Equity
Accounts payable	$13,680		$58,140
Dividends payable	17,100		36,480
Notes payable	250,800		381,900
Common shares	302,100		142,500
Retained earnings	328,320		323,760
Accumulated other comprehensive income	11,400		52,440
Total	$923,400		$995,220

Additional information:

1.		Net income for the fiscal year ending December 31, 2020, was $21,660.
2.		In March 2020, a plot of land was purchased for future construction of a plant site. In November 2020, a different plot of land with original cost of $98,040 was sold for proceeds of $108,300.
3.		In April 2020, notes payable amounting to $159,600 were retired through the issuance of common shares. In December 2020, notes payable amounting to $28,500 were issued for cash.
4.		FV-OCI investments were purchased in July 2020 for a cost of $17,100. By December 31, 2020, the fair value of Whispering Windss portfolio of FVOCI investments decreased to $71,820. No FVOCI investments were sold in the year.
5.		On December 31, 2020, equipment with an original cost of $45,600 and accumulated depreciation to date of $13,680 was sold for proceeds of $23,940. No equipment was purchased in the year.
6.		Dividends on common shares of $36,480 and $17,100 were declared in December 2019 and December 2020, respectively. The 2019 dividend was paid in January 2020 and the 2020 dividend was paid in January 2021. Dividends paid are treated as financing activities.
7.		A loss on impairment was recorded in the year to reflect a decrease in the recoverable amount of goodwill. No goodwill was purchased or sold in the year.

(a) Prepare a statement of cash flows using the indirect method for cash flows from operating activities. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)