Marigold Inc., a major retailer of bicycles and accessories, operates several stores and is a publicly traded company. The company is currently preparing its statement of cash flows and follows the policy of classifying interest paid as operating cash flows and dividends paid as financing cash flows. The comparative statement of financial position and income statement for Marigold as of May 31, 2020, are as follows:

MARIGOLD INC.

Statement of Financial Position

As at May 31

Current assets 2020 2019

Cash

$35,250 $21,000

Accounts receivable

80,640 56,440

Inventory

188,480 199,690

Prepaid expenses

8,640 7,730

Total current assets

313,010 284,860

Plant assets

600,500 507,500

Less: Accumulated depreciation

154,000 123,000

Net plant assets

446,500 384,500

Total assets

$759,510 $669,360

Current liabilities

Accounts payable

$121,840 $115,840

Salaries and wages payable

60,820 72,730

Interest payable

25,770 23,290

Total current liabilities

208,430 211,860

Mortgage payable

80,820 106,000

Total liabilities

289,250 317,860

Shareholders equity

Common shares

335,930 280,000

Retained earnings

134,330 71,500

Total shareholders equity

470,260 351,500

Total liabilities and shareholders equity

$759,510 $669,360

MARIGOLD INC.

Income Statement

For the Year Ended May 31, 2020

Sales

$ 1,326,820

Cost of goods sold

805,000

Gross margin

521,820

Expenses

Salaries and wages expense

194,000

Interest expense

65,300

Other operating expenses

23,300

Depreciation expense

31,000

Total operating expenses

313,600

Operating income

208,220

Income tax expense

66,500

Net earnings

$ 141,720

The following is additional information about transactions during the year ended May 31, 2020, for Marigold Inc., which follows IFRS.

1. Plant assets costing $93,000 were purchased by paying $50,000 in cash and issuing 5,000 common shares.

2. The other expenses relate to prepaid items.

3. In order to supplement its cash, Marigold issued 4,000 additional common shares.

4. There were no penalties assessed for the repayment of the mortgage.

5. Cash dividends of $78,890 were declared and paid at the end of the fiscal year.

Using the indirect method, calculate only the net cash flow from operating activities for Marigold Inc. for the year ended May 31, 202