Novak Manufacturing has provided the following comparative financial statements: 2019 Novak Manufacturing Statement of Financial Position As at December 31 Assets 2020 Cash 629,000 Accounts receivable 74,000 Inventory 108,000 Prepaid operating expenses 10,000 Long term investments 150,000 Equipment 615,000 Less: Accumulated depreciation (78,000) 1,508,000 Liabilities and Shareholders' Equity Accounts payable 66,000 Income tax payable 18,000 Bonds payable 171,000 Common shares 703,000 Retained earnings 550,000 1,508,000 567,000 94,000 71,000 11,000 100,000 538,000 (62,000) 1,319,000 29,000 28,000 269,000 565,000 428,000 1,319,000 Novak Manufacturing Income Statement For the year ended December 31, 2020 Sales revenue $1,257,500 Cost of goods sold 778,000 Gross profit 479,500 Operating expenses 255,000 Income from operations 224,500 Interest expense 10,100 Loss on disposal of equipment (6,000) Income before income tax 208,400 Income tax expense 14,400 Net income $194,000 Depreciation expense of $27,000 is included in the operating expenses. Prepare the operating activities section of the 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).) Novak Manufacturing Partial Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities $ Net Cash Provided by Operating Activities $