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The net changes in the statement of financial position accounts of Brown Derby Corp. for calendar 2020 are shown below. Brown Derby adheres to IFRS.

Account

Cash.................................................................................................. Increased $ 92,000

Long term FV-NI investments....................................................... Decreased 121,000

Accounts receivable........................................................................ Increased 73,200

Allowance for doubtful accounts................................................... Increased 13,300

Inventory........................................................................................... Increased 74,200

Prepaid expenses........................................................................... Decreased 22,800

short-term investment (100% owned subsidiary)....................... decreased 20,000

Plant and equipment....................................................................... increased 235,000

Accumulated depreciation............................................................. Increased 155,000

Accounts payable............................................................................ Decreased 80,700

Accrued liabilities............................................................................ Increased 16,500

Deferred tax liability........................................................................ Decreased 15,500

Long-term bonds............................................................................. Increased 80,000

Common shares.............................................................................. Increased 240,000

Retained earnings........................................................................... Decreased 98,000

Other information regarding the corporations 2020 year:

An analysis of the Retained Earnings account shows:

Retained earnings, December 31, 2019...................................... $ 1,300,000

Net income for the year ended Dec 31, 2020 ............................ 287,000

Retained earnings, December 31, 2020...................................... $ 1,202,000

1. On January 2, 2020, FV-NI investments costing $ 121,000 were sold for $ 150,000.

2. The company declare and paid cash dividend on February 1, 2020

3. The company declare and distributed stock dividend on August 1, 2020 amount of $240,000 was debited to RE

4. Major repairs of $ 25,000 to the equipment were debited to the Plant and Equipment account during the year, repairs paid by cash.

5. At January 1, 2020, the cash balance was $ 136,000.

6. Long-term bonds were issued at par.

Instructions

Using proper cash flow format, prepare a statement of cash flows using the direct method for calendar 2020. Assuming the net cash flow from operating activities is $242,000 and it is calculated correctly.