Information from the statement of financial position and statement of income is given below for Sheffield Road Inc., a company following IFRS, for the year ended December 31. Sheffield Road has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. Comparative Statement of Financial Position, at December 31 2020 2019 Cash $69,500 $47,950 Accounts receivable 91,900 37,900 Inventory 124,500 104,650 Investments in land 94,200 117,000 Property, plant, and equipment 293,000 215,000 Accumulated depreciation (48,900) (40,000) $624,200 $482,500 Accounts payable $54,200 $49,180 Accrued liabilities 12,500 19,530 Notes payable 135,000 72,000 Common shares 235,000 210,000 Retained earnings 187,500 131,790 $624,200 $482,500 Statement of Income, year ended December 31, 2020 Revenues Sales revenue $291,320 Gain on disposal of investment in land 5,000 Gain on disposal of equipment 8,930 305,250 Expenses Cost of goods sold $98,560 Depreciation expense 58,700 Operating expenses 14,760 Income tax expense 37,800 Interest expense 2,650 212,470 Net income $92,780 Additional information: 1. Investments in land were sold at again during 2020. 2. Equipment costing $57,700 was sold for $16,830, resulting in a gain. 3. Common shares were issued in exchange for some equipment during the year. No other shares were issued. 4. The remaining purchases of equipment were paid for in cash. Prepare the operating activities section of the 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).) SHEFFIELD ROAD INC. Statement of Cash Flows - Direct Method $ $