Blue Corp. uses the direct method to prepare its statement of cash flows and follows IFRS. Blue's trial balances at December 31, 2020 and 2019, were as follows: Dec. 31, 2020 Dec. 31, 2019 Debits Cash $55,260 33,340 $31,260 30,170 Accounts Receivable 47,000 30,840 95,850 90,260 256,050 Inventory Property, Plant, and Equipment Cost of Goods Sold Selling Expenses Administrative Expenses Interest Expense Income Tax Expense 133,700 144,300 15,600 383,300 167,700 155,600 28,600 20,200 56,200 $785,140 $990,090 $1,800 $1,100 25,000 26,590 25.000 15,500 21,010 29,360 Credits Allowance for Doubtful Accounts Accumulated Depreciation Accounts Payable Income Taxes Payable Deferred Income Tax Liability 8% Callable Bonds Payable Common Shares Retained Earnings Sales Revenue 5,560 4,860 46,340 45,670 53,600 44,700 560,540 $785,140 22,000 64,600 782,000 $990,090 Additional information: 1. 2. Blue purchased $5,590 of equipment during 2020. Bad debt expense for 2020 was $5,900 and write offs of uncollectible accounts totalled $5,650. Blue has adopted the policy of classifying the payments of interest as operating activities on the statement of cash flows. 3. Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2020, using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Cash Received from Customers $ Less Cash paid to Suppliers for Goods $ Cash Paid for Interest Cash Paid for Income Taxes Cash paid for Operating Expenses Net Cash Provided by Operating Activities $