Exercise 22-17 (b) (direct method) Swifty Limited, which follows IFRS, has adopted the policy of assifying interest paid as operating activities and dividends paid as financing activities, Condensed financial data for 2020 and 2010 follow (in thousands): SWIFTY LIMITED Comparative statement of Financial Position December 31 2020 2010 $2,005 $1,150 PV-NI investments 1,300 1.420 Accounts receivable 1,845 1.345 Inventory 1.685 1.990 Plant assets 1,980 1,275 Accumulated depreciation (1,200) (1,170) 52,61556510 Accounts payable Accrued liabilities Mortgage payable Common shares Retained earnings $1.295 39:45 225 275 1,460 1.615 1.985 1.775 2.650 1.900 $7,615 56,510 SWIFTY LIMITED Income Statement Year Ended December 31, 2020 Sales Cost of goods sold Gross margin Activate Windows God $6,960 4,700 2,260 010 Retained earnings 1,985 1.775 2,650 1,900 $7,615 $6,510 SWIFTY 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 BO Income before tax Income tax expense Net Income $6,960 4.700 2,200 910 1,350 60 1,410 405 $1 005 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-NE 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 stone 15,000 or in parenthesis eg. (15.000). Enter amounts in thousands.) Active Window Swifty Limited Statement of Cash Flows December 31, 2020