SFP accounts of Sandhill Inc., which follows IFRS, follow: SANDHILL INC. Comparative Statement of Financial Position Accounts December 31, 2020 and 2019 December 31 Debit accounts 2020 2019 Cash $45,535 $34,200 FV-NI investments 23,580 40,900 Accounts receivable 67,080 59,500 Merchandise inventory 30,560 24,500 Machinery 30,060 18,850 Buildings 67,500 56,350 Land 7,500 7,500 $271,815 $241,800 Credit accounts Allowance for doubtful accounts $3,655 $2,905 Accumulated depreciation-machinery 5,870 2,500 Accumulated depreciation-buildings 13,890 9,400 Accounts payable 29,860 24,600 Accrued liabilities 2,435 1,190 Income taxes payable 910 1,410 Long-term note payable-non-trade 25,100 30,100 Common shares 150,000 125,000 Retained earnings 40,095 44,695 $271,815 $241,800 Additional information: Sandhill Inc has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities 1. 2. Cash dividends declared during the year were $11,220. A 20% stock dividend was declared during the year and $25,000 of retained earnings was capitalized, FV-Nl investments that cost $19,600 and had a fair value at December 31, 2019of $24,850 were sold during the year for $23,210 Machinery that cost $3,800 and had $750 of depreciation accumulated was sold for $2,210. 3. 4. Sandhill's 2020 statement of income is as follows: $640,000 385,000 Sales revenue Cost of goods sold Gross margin Operating expenses (includes $8,610 depreciation and $5,400 bad debts) 255,000 180,900 Income from operations 74,100 Loss on disposal of FV-NI investments $(1.640) - Lotitor income 15 as TOROWS TU Sales revenue $640,000 385.000 255,000 180,900 Cost of goods sold Gross margin Operating expenses (includes $8,610 depreciation and $5,400 bad debts) Income from operations Loss on disposal of FV.N investments Interest expense Loss on disposal of machinery 74,100 $(1.640) (3,000 (840) (5,480 Income before tax 68,620 Income tax expense 37,000 Net income $31.620 Calculate net cash flow from operating activities using the direct method (Show amounts that decrease cash flow with either a - signes -15,000 or in parenthesis es. (15,000).) SALIDUMINIC Calculate net cash flow from operating activities using the direct method. (Show amounts that decrease cash flow with either a signes. -15,000 or in parenthesis es. (15,000)) SANDHILL INC. Statement of Cash Flow $ UCOLUL 23 U 20 - / 10 II Statement of Cash Flow $ $ Show