Flounder Corp. uses the direct method to prepare its statement of cash flows and follows IFRS. Flounder's trial balances at December 31, 2020 and 2019, were as follows: Dec. 31, Dec. 31, Debits 2020 2019 Cash $55,210 $31,210 Accounts Receivable 33,520 30,180 Inventory 30,630 47,000 Property, Plant, and Equipment 95,850 90,060 Cost of Goods Sold 255,650 383,100 Selling Expenses 129,500 163,500 Administrative Expenses 148,500 159,800 Interest Expense 15,600 28,600 Income Tax Expense 20,200 56,200 $784,660 $989,650Credits Allowance for Doubtful Accounts $1,720 $1,100 Accumulated Depreciation 26,870 25,000 Accounts Payable 25,000 15,500 Income Taxes Payable 20,760 29,310 Deferred Income Tax Liability 5,360 4,660 8% Callable Bonds Payable 46,520 45,680 Common Shares 53,600 22,000 Retained Earnings 44,700 64,600 Sales Revenue 560,130 781,800 $784,660 $989,650 Additional information: 1. Flounder purchased $5,790 of equipment during 2020. 2. Bad debt expense for 2020 was $5,200 and write offs of uncollectible accounts totalled $4,980. 3. Flounder has adopted the policy of classifying the payments of interest as operating activities on the statement of cash flows