SFP accounts of Cullumber Inc., which follows IFRS, follow: CULLUMBER INC. Comparative Statement of Financial Position Accounts December 31, 2020 and 2019 December 31 Debit accounts 2020 2019 Cash $45,130 $33,800 Accounts receivable 67,000 59,600 Merchandise inventory 29.720 23,700 Long-term FV-Nl investments 23,050 40,300 Machinery 29,570 18,250 Buildings 67,680 56,500 Land 7,500 7,500 $269.650 $239,650 Credit accounts Allowance for doubtful accounts Accumulated depreciation-machinery Accumulated depreciation--buildings Accounts payable Accrued liabilities Income taxes payable Long-term note payable--non-trade Common shares Retained earnings $1,665 5,525 13,590 29,950 2,275 900 25,700 150,000 40,045 $269,650 $915 2,150 9.100 24,700 1,030 1,400 30,700 125,000 44,655 $239,650 Additional information: Cullumber Inc. has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activi 1. Cash dividends declared during the year were $16.270. A 20% stock dividend was declared during the year and $25,000 of retained earnings was capitalized. FV-Nl investments that cost $20,400 and had a fair value at December 31, 2019, of $24.350 were sold during the ye $23,260 Machinery that cost $3,810 and had $750 of depreciation accumulated was sold for $2,160. 2. 3. 4. Cullumber's 2020 statement of income is as follows: $639,000 380,000 259.000 180.350 78,650 Sales revenue Cost of goods sold Gross margin Operating expenses (includes $8,615 depreciation and $5,400 bad debts) Income from operations Loss on disposal of FV-Nl investments Interest expense Loss on disposal of machinery Income before tax Income tax expense Net income $(1.090) (3.000) (900) (4.990) 73,660 37,000 $36,660 Calculate net cash flow from operating activities using the direct method. (Show amounts that decrease cash flow with either a-si -15,000 or in parenthesis e.g. (15,000.) CULLUMBER INC. Statement of Cash Flow For the Year Ended December 31, 2020 Cash Flows from Operating Activities Cash Received from Customers Add : Proceeds from Sale of FV-Nl Investments Less Cash Paid to Suppliers for Goods $ Cash Paid for Other Operating Expenses Cash Paid for interest Income Taxes Paid Net Cash Provided by Operating Activities $ Save for Later Attempts:0 of 1 used Submit