Comparative financial statements for Aylmer Inc, which uses IFRS are provided below: Aylmer Inc Statement of Financial Position at December 31 Aylmer Inc Income Statement for the year ended December 31, 2020 2020 2019 1,025,000 613,000 412,000 250,000 162,000 Assets Cash FV-NI Investments Accounts Receivable Allowance for Doubtful Accounts Inventory Deferred Tax asset Land Buildings Accumulated Depreciation Equipment Accumulated Depreciation 80,500 59,000 142,300 10,000 75,000 6,000 40,000 145,000 37,000 70,000 21,000 549.800 50,500 80,000 119,000 8,000 61,000 11,000 20,000 145,000 28,000 48,000 14,000 484,500 Sales revenue Less: cost of goods sold Gross Profit Less: operating expenses (including depreciation and bad debt expense) Income from Operations Other revenues and expenses Interest expense 10,000 Gain on FV-NI Investments 24,000 Loss on disposal of equipment 3,000 Income before tax Income tax Net Income 11,000 173,000 45,000 128.000 Liabilities & Equity Accounts Payable Income tax Payable Long-term notes payable Accrued pension liability Common Shares Retained Earnings 76,300 12,000 62,000 7,500 300,000 92,000 549.800 59,500 5,000 70,000 10,000 220,000 120,000 484,500 Additional information: 1 Equipment that cost $10,000 and was 40% depreciated was sold in 2020. 2 cash dividends were declared and paid during the year. 3 Common shares were issued in exchange for land. No other land was acquired or disposed of during the year. Common shares were also issued for equipment in the amount of $20,000. 4 FV-NI Investments that had cost $35,000 and a fair-value of $37,000 at December 31, 2019 were sold during the year for proceeds of $50,000, resulting in a gain of $13,000. Aylmer also had unrealized gains of $11,000 during the year. Additional purchases of FV-NI investments were made during 2020. 5 Costs of goods sold includes $112,000 of direct labour and benefits and $13,700 of pension costs. Operating expenses include $84,000 of salaries and wages and $8,200 of pension costs 6 Aylmer had adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities on the statement of cash flow. 7 No accounts receivable were written off during the year. REQUIRED Prepare the statement of cash flows using the direct method