Concord Inc., a major retailer of high-end office furniture, operates several stores and is a publicly traded company. The company is currently preparing its statement of cash flows. The comparative statement of financial position and income statement for Concord as at May 31, 2020, are as follows:

Concord Inc. Statement of Financial Position May 31, 2020, and May 31, 2019
		2020			2019
Assets
Cash		$	78,000		$	23,300
Accounts receivable			77,600			56,200
Inventory			189,900			197,500
Prepaid insurance			9,100			6,600
Total current assets			354,600			283,600
Plant assets			591,000			515,500
Less: Accumulated depreciation			146,900			121,800
Net plant assets			444,100			393,700
Total assets		$	798,700		$	677,300
Liabilities and Shareholders Equity
Accounts payable		$	122,600		$	115,200
Salaries and wages payable			11,200			12,300
Interest payable			4,900			2,900
Total current liabilities			138,700			130,400
Mortgage payable			72,000			119,000
Total liabilities			210,700			249,400
Shareholders equity
Common shares			406,500			367,000
Retained earnings			181,500			60,900
Total shareholders equity			588,000			427,900
Total liabilities and shareholders equity		$	798,700		$	677,300

Concord Inc. Income Statement For the Year Ended May 31, 2020
Sales		$1,010,000
Cost of goods sold		420,000
Gross margin		590,000
Expenses
Salaries and wages expense		208,700
Other operating expenses		122,000
Depreciation expense		25,100
Total operating expenses		355,800
Operating income		234,200
Interest expense		26,700
Income before income tax		207,500
Income tax expense		56,900
Net earnings		$ 150,600

The following is additional information about transactions during the year ended May 31, 2020 for Concord Inc., which follows IFRS.

1.		Plant assets costing $75,500 were purchased by paying $51,000 in cash and issuing 5,000 common shares.
2.		In order to supplement its cash, Concord issued 4,000 additional common shares.
3.		Cash dividends of $30,000 were declared and paid at the end of the fiscal year. Dividends paid are treated as financing activities.

Prepare a statement of cash flows for Concord Inc. for the year ended May 31, 2020 using the direct method