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Pearl's Custom Clothing (PCC) sells branded clothing to resorts and corporations. The company's comparative financial statements are presented below. 2019 77,600 25,200 45,600 2,900 151,300 PEARLS CUSTOM CLOTHING STATEMENT OF FINANCIAL POSITION December 31 Current Assets 2020 Cash 135,000 Accounts receivable 28,000 Inventory 67,000 Prepaid expenses 10,300 Total current assets 240,300 Property and equipment Property and equipment 100,000 Less: Accumulated depreciation 57,600 Net property and equipment 42,400 TOTAL ASSETS $282,700 Current liabilities Accounts payable 25,300 Salaries payable 9,100 Interest payable 4,800 Total current liabilities 39,200 Loan payable 118,000 Total liabilities 157,200 Shareholders' equity Common shares 20,500 Retained earnings 105,000 Total shareholders' equity 125,500 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $282,700 139,000 55,400 83,600 $234,900 32,600 4,800 7,700 45,100 107,000 152,100 1,600 81,200 82,800 $234,900 2019 721,000 528,000 193,000 PEARLS CUSTOM CLOTHING INCOME STATEMENT For the Years Ended December 31 2020 Sales revenue 866,000 Cost of sales 644,000 Gross margin 222,000 Expenses Salary expense 100,000 Interest expense 4,900 Other expenses 8,400 Depreciation expense 31,000 Total expenses 144,300 Operating income 77,700 Loss on disposal of equipment 3,200 Income tax expense 19,425 Net income 55,075 87,000 2,100 6,100 31,600 126,800 66,200 1,000 17,300 47,900 Following is additional information concerning PCC's transactions during the year ended December 31, 2020: Equipment costing $33,000 was purchased by paying $24,000 cash and issuing 400 common shares. Equipment costing $72,000 that was purchased at the beginning of 2019 was sold at the end of 2020 for $40,000. Straight- line depreciation had been used with an expected asset life of 5 years and a residual value of $0. The "other expenses relate to prepaid items. In order to supplement its cash, PCC increased its bank loan by $11,000. Cash dividends of $31,275 were paid at the end of the fiscal year. Cost of sales includes $184,000 of direct labour costs. Prepare a statement of cash flows for PCC for the year ended December 31, 2020, using the direct method. CCC follows ASPE. Include any note disclosure on non-cash financing and investing transactions. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Pearl's Custom Clothing Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Cash Received from Customers $ $ > Net Cash Provided by Operating Activities Net Cash Provided by Investing Activities Cash Flows from Financing Activities $ $ Non-cash investing and financing activities $ Cash Paid for Interest Cash Flows from Investing Activities Net Cash Used by Operating Activities Cash Paid for Purchase of Equipment Decrease in Cash Proceeds from Sale of Equipment Closing Cash Balance Cash Paid for Taxes Closing Cash Balance Cash Paid to Suppliers Net Cash Used by Investing Activities Cash Paid for Interest Cash Paid to Employees Net Cash Used by Investing Activities Cash Flows from Investing Activities Issuance of Common Shares in Partial Payment for Equipment Net Cash Provided by Investing Activities Cash Paid for Taxes | Net Cash Used by Financing Activities Proceeds from Sale of Equipment Net Cash Provided by Financing Activities Increase in Bank Loan Payable Net Cash Provided by Financing Activities Cash Paid to Suppliers Cash Flows from Financing Activities Payment of Dividends Cash Flows from Financing Activities 1 Issuance of Common Shares Issuance of Common Shares Net Cash Provided by Operating Activities Cash Flows from Operating Activities Payment of Dividends Net Cash Used by Operating Activities Issuance of Common Shares in Partial Payment for Equipment Net Cash Provided by Investing Activities Cash Received from Customers Cash Received from Customers Opening Cash Balance Opening Cash Balance Increase in Bank Loan Payable Increase in Cash Cash Paid for Purchase of Equipment Decrease in Cash Net Cash Used by Financing Activities Cash Paid to Employees Net Cash Provided by Operating Activities Cash Flows from Operating Activities Increase in Cash