Question 2 The following information relates to Oswald Ltd for their fiscal year ended December 31, 20X1: Income Statement For the Year Fnded Deremher 31 . 20x1 1. FV-NI investments of $20,000 were purchased during the year. There were no disposals. As shortterm investments, FVNI investments are included as operating cash flows. 2. Equipment with a cost of $44,000 and book value of $36,000 was sold for cash proceeds of $30,000. Losses on PPE are included in 'other income/expense; gains and losses', and depreciation expense is categorized as 'operating expenses'. 3. Note payable of $30,000 was repaid during the year. 4. Dividends of $25,000 were declared and paid during the year. 5. Other income/expense; gains and losses includes interest expense, loss on sale of equipment, and revaluation of FV-NI investments. Total interest expense for the year was $3,000. Required: Prepare Oswald's statement of cash flows for 20X1 using the direct method