Question Grouper's Custom Clothing (GCC) sells branded clothing to resorts and corporations. The company's comparative financial statements are presented below. 2019 78,000 24,800 46,900 2,900 152,600 GROUPER'S CUSTOM CLOTHING STATEMENT OF FINANCIAL POSITION December 31 Current Assets 2020 Cash 129,000 Accounts receivable 29,000 Inventory 72,000 Prepaid expenses 10,500 Total current assets 240,500 Property and equipment Property and equipment 102,000 Less: Accumulated depreciation 53,900 Net property and equipment 48,100 TOTAL ASSETS $288,600 Current liabilities Accounts payable 24,600 Salaries payable 8,600 Interest payable 5,100 Total current liabilities 38,300 Loan payable 123,000 Total liabilities 161,300 Shareholders' equity Common shares 19,100 Retained earnings 108,200 Total shareholders' equity 127,300 147,000 56,100 90,900 $243,500 33,100 5,200 7,800 46,100 112,000 158,100 1,500 83,900 85,400 Common shares Retained earnings Total shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 19,100 108,200 127,300 $288,600 1,500 83,900 85,400 $243,500 GROUPER'S CUSTOM CLOTHING INCOME STATEMENT For the Years Ended December 31 2020 2019 Sales revenue 864,000 748,000 Cost of sales 657,000 525,000 Gross margin 207,000 223,000 Expenses Salary expense 84,000 86,000 Interest expense 5,200 2,100 Other expenses 7,600 6,200 Depreciation expense 29,000 32,600 Total expenses 125,800 126,900 Operating income 81,200 96,100 Loss on disposal of equipment 7,800 900 Income tax expense 20,300 17,200 Net income 53,100 78,000 Following is additional information concerning GCC's transactions during the year ended December 31, 2020: Equipment costing $33,000 was purchased by paying $25,000 cash and issuing 400 common shares. Equipment costing $78,000 that was purchased at the beginning of 2019 was sold at the end of 2020 for $39,000. Straight-line depreciation had been used with an . Equipment costing $78,000 that was purchased at the beginning of 2019 was sold at the end of 2020 for $39,000. Straight-line depreciation had been used with an expected asset life of 5 years and a residual value of $0. The "other expenses relate to prepaid items. In order to supplement its cash, GCC increased its bank loan by $11,000. Cash dividends of $28,800 were paid at the end of the fiscal year. Cost of sales includes $178,000 of direct labour costs. . Prepare a statement of cash flows for GCC for the year ended December 31, 2020, using the direct method. CCC follows ASPE. Include any note disclosure on non-cash financing and investing transactions. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Grouper's Custom Clothing Statement of Cash Flows $ Non-cash investing and financing activities $ LINK TO TEXT