Condensed financial data of Fairfield Company for 2020 and 2019 are presented below:

Comparative Balance Sheet

as at December 31, 2020 and 2019

2020

2019

Cash

$2,150

$1,110

Receivables

1,750

1,300

Inventory

1,600

1,900

Plant Assets

1,910

1,700

Accumulated Depreciation

(1,200)

(1,170)

Long-term investments (Held-to-Maturity)

1,300

1,470

$7,510

$6,310

Accounts Payable

$1,250

$800

Income Tax Payable

Accrued Liabilities

90

200

10

250

Bonds Payable

1,400

1,650

Capital Stock

1,910

1,700

Retained Earnings

2,660

1,900

$7,510

$6,310

Income Statement

For the year ended December 31, 2020

Sales

$7,000

Cost of goods sold

4,700

Gross margin

2,300

Depreciation

Selling and administrative expense

30

900

Income from operations

1,370

Loss on sale of investments

70

Income before tax

1,300

Income tax expense

390

Net Income

910

Additional information: No plant assets were sold in 2020. Cash dividends were $150.

Required:

(a)Prepare/a statement of cash flows for 2020 using the indirect method.

Using the direct method, prepare the Operating Activities section of the statement of cash flows for 2020.