Question 6 (15 points) Thompson Inc.'s year-end financial information is presented below: Comparative Statement of Financial Position accounts December 31 2020 Cash $ 55,000 Accounts receivable 58,000 Long term investments 60,000 Property, plant & equipment 740,000 Accumulated depreciation (300,000) Total assets $ 613,000 2019 $ 36,000 68,000 40,000 540,000 (360,000) $ 324,000 Accounts payable Income tax payable Common shares Retained earnings Total liabilities and shareholders' equity $ 43,000 12,000 300,000 258,000 $ 613,000 $ 40,000 36,000 180,000 68,000 $324,000 2020 Statement of Comprehensive Income accounts December 31 Consulting revenue Operating expenses Depreciation expense Loss on sale of equipment Income taxes Net income $ 520,000 200,000 60,000 8,000 12,000 $ 240,000 Additional information: 1. Sold equipment for cash (cost $134,000, accumulated depreciation $120,000). 2. Acquired long term investments for $20,000 by issuing common shares. 3. Issued 18,300 common shares for cash. 4. Bought equipment for cash. 5. Management considers dividends paid to be a financing activity and that income tax relates to the company's operating activities. Required: Prepare the 2020 Statement of Cash Flow for Thompson Inc. using the direct method. Assume any unexplained differences are from logical sources. A template is provided for your response