Prepare a statement of cash flow for Blue Spruce for the year ended May $31,2023.$ Using the direct method. Blue Spruce Inc., a major retailer of high$-$end office furniture, operates several stores and is a publicly traded company. The company is currently preparing its statement of cash flows. The comparative statement of financial position and income staternent for Blue Spruce as at May $31,2023,$ are as follows:

Plant assets

$\backslash$table$[[$Less: Accumulated depreciation,$147,100,120,200],[$Net plant assets,$443,900,397,300],[$Total assets,$$770,500,$$$680,400$

Sales

$$960,000$

Cost of goods sold

$413,000$

Gross margin

$547,000$

Expenses

$\backslash$table$[[$Salaries and wages expense,$207,500],[$Other operating expenses,$122,000],[$Depreciation expense,$26,900],[$Total operating expenses,$356,400],[$Operating income,$190,600],[$Interest expense,$26,500],[$Income before income tax,$164,100],[$Income tax expense,$55,100],[$Net earnings,$$108,000$

Additional information: Plant assets costing $$73500$ were purchased by paying $$50,000$ in cash and issuing $5000$ common shares.

In order to supplement its cash, Blue Spruce issued $4000$ additional common shares.

Cash dividends of $$38000$ were declared and paid at the end pf the fiscal year. Dividends paid are treated as financing activities.