Oswald Ltd. has recently decided to go public and has hired you as their independent accountant. They wish to adhere to IFRS and know that they must prepare a statement of cash flows. Their financial statements for 2020 and 2019 are provided below: Statements of Financial Position

Dec 31/20 Dec 31/19 Cash $ 51,000 $ 24,000 Accounts receivable 45,000 27,000 Merchandise inventory 48,000 60,000 Property, plant and equipment $ 76,000 $ 120,000 Less accumulated depreciation (40,000) 36,000 (38,000) 82,000 Total Assets $ 180,000 $ 193,000

Accounts payable $ 22,000 $ 12,000 Income taxes payable 44,000 49,000 Bonds payable 45,000 75,000 Common shares 27,000 27,000 Retained earnings 42,000 30,000 Total Liabilities & Shareholders Equity $ 180,000 $ 193,000

Income Statement Year ended December 31, 2020

Sales $ 1,050,000 Cost of sales 894,000 Gross profit 156,000 Depreciation expense 10,000 Selling and administrative expenses 83,000 Income from operations 63,000 Loss on sales of equipment 6,000 Interest expense 9,000 Income before taxes 48,000 Income taxes 12,000 Net income $ 36,000

The following additional data were provided for calendar 2020: 1. Dividends declared and paid were $ 24,000. 2. Equipment was sold for $ 30,000. This equipment originally cost $44,000 and had a book value of $ 36,000 at the time of sale. 3. Bonds were retired during the year at par.

Prepare cash flow statement for 2020, indirect method. Cash flow by operating activities, cash flow from investing activities and cash flow from financing activities.