Coronados Custom Clothing (CCC) sells branded clothing to resorts and corporations. The companys comparative financial statements are presented below.

Following is additional information concerning CCCs transactions during the year ended December 31, 2020:

		Equipment costing $34,000 was purchased by paying $23,000 cash and issuing 400 common shares.
		Equipment costing $79,000 that was purchased at the beginning of 2019 was sold at the end of 2020 for $42,000. Straight-line depreciation had been used with an expected asset life of 5 years and a residual value of $0.
		The other expenses relate to prepaid items.
		In order to supplement its cash, CCC increased its bank loan by $29,000.
		Cash dividends of $27,350 were paid at the end of the fiscal year.
		Cost of sales includes $168,000 of direct labour costs.

Prepare a statement of cash flows for CCC for the year ended December 31, 2020, using the indirect method. CCC follows ASPE. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

CORONADO'S CUSTOM CLOTHING STATEMENT OF FINANCIAL POSITION December 31 Current Assets 2020 2019 Cash 150,000 77,400 32,000 67,000 10,200 259,200 24,200 44,200 3,100 148,900 99,000 52,600 46,400 $305,600 144,000 75,200 68,800 $217,700 Accounts receivable Inventory Prepaid expenses Total current assets Property and equipment Property and equipment Less: Accumulated depreciation Net property and equipment TOTAL ASSETS Current liabilities Accounts payable Salaries payable Interest payable Total current liabilities Loan payable Total liabilities Shareholders' equity Common shares Retained earnings Total shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 23,800 9,200 4,700 30,600 5,300 8,400 44,300 37,700 118,000 89,000 133,300 155,700 20,400 129,500 149,900 1,500 82,900 84,400 $217,700 $305,600 CORONADO'S CUSTOM CLOTHING INCOME STATEMENT For the Years Ended December 31 2020 2019 Sales revenue 878,000 753,000 Cost of sales 631,000 532,000 Gross margin 247,000 221,000 Expenses Salary expense 119,000 108,000 Interest expense 5,200 2,000 Other expenses 8,000 5,900 Depreciation expense 9,000 12,200 Total expenses 141,200 128,100 Operating income 105,800 92,900 Loss disposal of equipment 5,400 1,100 Income tax expense 26,450 18,900 Net income 73,950 72,900 CORONADO'S CUSTOM CLOTHING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2020 4 Cash Flows from Operating Activities $ Net Income/(Loss) Add/(Deduct) non-cash items: Depreciation Expense Loss on Disposal of Equipment Increase in Accounts Receivable Increase in Inventory Increase in Prepaid Expenses Decrease in Accounts Payable Decrease in Salaries Payable Decrease in Interest Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Proceeds from Sale of Equipment Cash Paid for Purchase of Equipment Net Cash Used by Investing Activities Cash Flows from Financing Activities Payment of Cash Dividends Issuance of Common Shares Increase in Bank Loan Payable Net Cash Used by Financing Activities Increase in Cash a Opening Cash Balance Closing Cash Balance $