Exercise 22-17 (b) (direct method)

Bridgeport 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):

BRIDGEPORT LIMITED Comparative Statement of Financial Position December 31
			2020			2019
Cash			$2,025			$1,150
FV-NI investments			1,300			1,420
Accounts receivable			1,770			1,315
Inventory			1,615			1,995
Plant assets			2,035			1,790
Accumulated depreciation			(1,200	)		(1,170	)
			$7,545			$6,500
Accounts payable			$1,220			$915
Accrued liabilities			275			325
Mortgage payable			1,340			1,570
Common shares			2,035			1,790
Retained earnings			2,675			1,900
			$7,545			$6,500
BRIDGEPORT LIMITED Income Statement Year Ended December 31, 2020
Sales						$6,945
Cost of goods sold						4,700
	Gross margin					2,245
Administrative expenses						910
Income from operations						1,335
Other expenses and gains
	Interest expense		$(20	)
	Gain on disposal of FV-NI investments		80			60
Income before tax						1,395
Income tax expense						405
Net income						$990

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.

QUESTION: Prepare a statement of cash flows using the direct method.

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.) Bridgeport Limited Statement of Cash Flows Non-cash investing and financing activities $ 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.) Bridgeport Limited Statement of Cash Flows Non-cash investing and financing activities $