Nick's Workshop, a Canadian based toy shop, began operations on January 1, 2019.Its post-closing trial balance at December 31, 2019 and 2020 is shown below.

Nick's Workshop Income Statement For Year Ended December 31, 2020 Sales 126,500 Cost of goods sold 50,600 Gross Profit 75,900 Expenses and other: Other expenses Depreciation expense Total Operating expenses Operating Profit (Loss) Loss on sale of plant assets Profit (Loss) Nick's Workshop Post-Closing Trial Balance December 31 Account Cash Accounts Receivable Merchandise inventory Property, plant and equipment Accumulated depreciation Accounts payable Accrued liabilities Notes payable Common shares Retained earnings Other information regarding Nick's Workshop and its activities during 2020: 1. Cash dividends were declared and paid during the year. 2. Plant assets worth $35,000 were purchased during the year by paying cash of $5,000 and issuing a long-term note payable for the balance. 3. Plant assets were sold during the year. (Hint: you will need to look at the capital asset account and accumulated depreciation. Then you'll need to calculate the proceeds.) 4. Made a payment on the note payable. 5. Declared and paid cash dividends. Required Prepare a statement of cash flows for the year ended December 31, 2020. Show your t accounts/calculations. Prepare a note describing noncash investing and financing activities