Information from the statement of financial position and statement of income is given below for Flint Road Inc. a company following IFRS for the year ended December 31. Flint 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 $88,500 $47.650 Cash 92.500 38.000 Accounts receivable 131.100 111.650 Inventory 87.900 111.000 Investments in land 285.000 210,000 Property, plant, and equipment (40,000 (49.100) Accumulated depreciation $478,300 $635.900 INE -1'c Partly sunny pe here to search Accrued liabilities 11,900 19,230 Notes payable 139.000 79.000 Common shares 250.000 204,000 Retained earnings 180.900 126,790 $635.900 $478,300 Statement of Income, year ended December 31, 2020 Revenues Sales revenue $290.520 Gain on disposal of investment in land 5,000 8,850 Gain on disposal of equipment Gain on disposal of equipment 8,850 304,370 Expenses Cost of goods sold $98,460 Depreciation expense 58,000 Operating expenses 14,730 Income tax expense 38,800 2,800 212.790 Interest expense $91,580 Net income Additional information: Additional information: 1. Investments in land were sold at a gain during 2020. 2. Equipment costing $58,000 was sold for $17.950, 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 decr with either a - signe.g.-15,000 or in parenthesis eg. (15,000).) FLINT ROAD INC. Statement of Cash Flows - Direct Method -1C OUL Statement of Cash Flows - Direct Method V $ RI