Monty Limited, which follows IFRS, has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. Condensed financial data for 2020 and 2019 follow (in thousands): MONTY LIMITED Comparative Statement of Financial Position December 31 2020 2019 Cash $2,000 $1,150 FV-NI investments 1,300 1,420 Accounts receivable 1,785 1,315 Inventory 1,650 2,005 Plant assets 1,940 1,715 Accumulated depreciation (1,200) (1,170 ) $7,475 $6,435 Accounts payable $1,235 $915 Accrued liabilities 295 345 Mortgage payable 1,355 1,560 Common shares 1,940 1,715 Retained earnings 2,650 1,900 $7,475 $6,435 MONTY LIMITED Income Statement Year Ended December 31, 2020 Sales $6,940 Cost of goods sold 4,700 Gross margin 2,240 Administrative expenses 910 Income from operations 1,330 Other expenses and gains Interest expense $(20) Gain on disposal of FV-NI investments 80 60 Income before tax 1,390 Income tax expense 405 Net income $985 Additional information: During the year, $70 of common shares were issued in exchange for plant assets. No plant assets were sold in 2020. The FV-NI investments' carrying amount and market value were the same at December 31, 2020. Prepare a 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). Enter amounts in thousands.) Monty Limited Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Cash Received from Customers $ Less : $ A: For the Cash Flows from Operating Activities Cash Received from Customers Less Dividends Paid Cash Paid for Income Taxes Proceeds from Sale of FV-NI Investments Issuance of Common Shares Cash Received from Customers Sale of Plant Assets Cash paid for Operating Expenses Purchase of Plant Assets Reduction in Mortgage Payable Cash paid to Suppliers for Goods Cash Paid for Interest $ A A A 4 4 A Non-cash investing and financing activities $ Issuance of Common Shares for Plant Assets Proceeds from Sale of FV-NI Investments Purchase of Plant Assets Reduction in Mortgage Payable Dividends Paid Save for Later Last Saveu o ITTiutes ago