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. Prepare a statement of cash flows for Marigold Inc. for the year ended May 31, 2020, 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).) Marigold Inc. Statement of Cash Flows (Direct Method) choose the accounting period select an opening name for section one select an item $enter a dollar amount select an item $enter a dollar amount select an item enter a dollar amount select an item enter a dollar amount select an item enter a dollar amount select an item enter a dollar amount enter a subtotal of the five previous amounts select a closing name for section one enter a total amount for section one select an opening name for section two select an item enter a dollar amount select an opening name for section three select an item enter a dollar amount select an item enter a dollar amount select an item enter a dollar amount select a closing name for section three enter a total amount for section three select an item enter a total amount for three sections select an item enter a dollar amount select a closing name for this statement $enter a total of the two previous amounts Schedule of non-cash investing and financing activities select an item $enter a dollar amount