Blue Limited, which follows IFRS, has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. Condensed financial data for 2020 and 2019 follow in thousands): BLUE LIMITED Comparative Statement of Financial Position December 31 2020 2019 Cash $2,045 $1,150 FV-NI investments 1,300 1,420 Accounts receivable 1,785 1,325 Inventory 1,585 1,935 Plant assets 1,720 Accumulated depreciation (1,200) (1,170) $7,480 $6,380 1,965 Accounts payable Accrued liabilities Mortgage payable Common shares Retained earnings $1,235 205 1,380 2,010 2,650 $7,480 $925 255 1,580 1,720 1,900 $6,380 BLUE LIMITED Income Statement Year Ended December 31, 2020 Sales Cost of goods sold Gross margin Administrative expenses Income from operations Other expenses and gains Interest expense $(20) Gain on disposal of FV-NI investments 80 Income before tax Income tax expense Net income $6,920 4,700 2,220 910 1,310 60 1,370 405 $965 Additional information: During the year, $70 of common shares were issued in exchange for plant assets. No plant assets were sold in 2020. The FV-NI investments' carrying amount and market value were the same at December 31, 2020. Prepare a statement of cash flows 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). Enter amounts in thousands.) Blue Limited Statement of Cash Flows For the Year Ended December 31, 2020 Net Cash Provided by Operating Activities Proceeds from Sale of FV-NI Investments 200 Add Cash Received from Customers 6460 Less Cash paid to Suppliers for Goods -4040 Cash paid for Operating Expenses -989 Cash Paid for Income Taxes Cash Paid for Interest -20 Net Cash Provided by Operating Activities Cash Flows from Investing Activities Purchase of Plant Assets -70 Net Cash Used by Investing Activities -70 Cash Flows from Financing Activities Dividends Paid UU Reduction in Mortgage Payable Issuance of Common Shares Net Cash Provided by Financing Activities Net Increase in Cash Cash, January 1, 2020 Cash, December 31, 2020 Non-cash investing and financing activities Purchase of Plant Assets