Exercise 22-17 (b) (direct method) Grouper 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): GROUPER LIMITED Comparative Statement of Financial Position December 31 2020 2019 Cash $2,020 $1,150 FV-NI investments 1,300 1,420 Accounts receivable 1,370 Inventory 1,645 1,955 Plant assets 1,790 Accumulated depreciation (1,200) (1,170) $7,625 $6,515 1,825 2,035 Accounts payable Accrued liabilities Mortgage payable Common shares Retained earnings $1,275 $970 225 275 1,420 1,580 2,030 1,790 2,675 1,900 $7,625 $6,515 $6,945 4,700 2,245 910 GROUPER LIMITED Income Statement Year Ended December 31, 2020 Sales Cost of goods sold Gross margin Administrative expenses Income from operations Other expenses and gains Interest expense $(20) Gain on disposal of FV-NI investments 80 Income before tax Income tax expense Net income 1,335 60 1,395 405 $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. 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.) Grouper limited 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. 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.) Grouper Limited Statement of Cash Flows | Non-cash investing and financing activities