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Flounder Limited, which follows IFRS, has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. Condensed financial data
Flounder 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):
FLOUNDER LIMITED Comparative Statement of Financial Position December 31 | |||||||
2020 | 2019 | ||||||
Cash | $2,010 | $1,150 | |||||
FV-NI investments | 1,300 | 1,420 | |||||
Accounts receivable | 1,845 | 1,350 | |||||
Inventory | 1,660 | 2,030 | |||||
Plant assets | 2,005 | 1,790 | |||||
Accumulated depreciation | (1,200 | ) | (1,170 | ) | |||
$7,620 | $6,570 | ||||||
Accounts payable | $1,295 | $950 | |||||
Accrued liabilities | 290 | 340 | |||||
Mortgage payable | 1,370 | 1,590 | |||||
Common shares | 2,080 | 1,790 | |||||
Retained earnings | 2,585 | 1,900 | |||||
$7,620 | $6,570 | ||||||
FLOUNDER LIMITED Income Statement Year Ended December 31, 2020 | |||||||
Sales | $6,885 | ||||||
Cost of goods sold | 4,700 | ||||||
Gross margin | 2,185 | ||||||
Administrative expenses | 910 | ||||||
Income from operations | 1,275 | ||||||
Other expenses and gains | |||||||
Interest expense | $(20 | ) | |||||
Gain on disposal of FV-NI investments | 80 | 60 | |||||
Income before tax | 1,335 | ||||||
Income tax expense | 405 | ||||||
Net income | $930 |
My question is how do you calculate : Proceeds from the the sale of FV-NI Investments ?
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