Information from the statement of financial position and statement of income is given below for Concord Road Inc., a company following IFRS, for the year ended December 31. Concord 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 $92,700 $47,650 Accounts receivable 91,400 37,500 Inventory 131,400 110,650 Investments in land 91,200 114,000 Property, plant, and equipment 288,000 211,000 Accumulated depreciation (49,400 ) (40,000 ) $645,300 $480,800 Accounts payable $53,300 $48,780 Accrued liabilities 12,200 19,230 Notes payable 140,000 78,000 Common shares 255,000 207,000 Retained earnings 184,800 127,790 $645,300 $480,800 Statement of Income, year ended December 31, 2020 Revenues Sales revenue Gain on disposal of investment in land Gain on disposal of equipment $292,660 5,000 8.950 306,610 Expenses Cost of goods sold $98,760 Depreciation expense 58,400 Operating expenses 14,760 Income tax expense 38,800 Interest expense 2,710 213,430 Net income $93,180 Additional information: 1. Investments in land were sold at a gain during 2020. 2. Equipment costing $57,700 was sold for $17,650, 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 a statement of cash flows for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) CONCORD ROAD INC. Statement of Cash Flows - Indirect Method Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income/(Loss) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Expense Gain on Disposal of Equipment Increase in Accounts Receivable Increase in Inventory Increase in Accounts Payable Decrease in Accrued Liabilities $ 58,400 8,950 (53900) (20750) (4520) (7030) Gain on Sale of Investment in Land 5,000 Net Cash Provided by Operating Activities Cash Flows from Investing Activities Purchase of Equipment Proceeds from Sale of Land Investments 93,180 (13850) 79330 Proceeds from Sale of Land Investments Proceeds from Sale of Equipment Net Cash Provided by Investing Activities Cash Flows from Financing Activities Payment of Cash Dividends Issuance of Notes Payable Net Cash Provided by Financing Activities Net Increase in Cash Cash, January 1 Cash, December 31 (36170) 62000 (153290) 25830 45050 47,650 $ 92,700 Note X: Significant non-cash investing and financing activities: Equipment with a cost of $ Supplemental disclosures of cash flow information: Cash paid during the year for: was exchanged f