Shamrocks Custom Clothing (SCC) sells branded clothing to resorts and corporations. The companys comparative financial statements are presented below.

SHAMROCKS CUSTOM CLOTHING STATEMENT OF FINANCIAL POSITION December 31
Current Assets		2020		2019
Cash		157,000		78,000
Accounts receivable		32,000		25,600
Inventory		74,000		47,100
Prepaid expenses		10,100		3,200
Total current assets		273,100		153,900
Property and equipment
Property and equipment		101,000		141,000
Less: Accumulated depreciation		58,400		57,400
Net property and equipment		42,600		83,600
TOTAL ASSETS		$315,700		$237,500
Current liabilities
Accounts payable		25,200		31,100
Salaries payable		8,600		4,800
Interest payable		5,100		8,200
Total current liabilities		38,900		44,100
Loan payable		125,000		114,000
Total liabilities		163,900		158,100
Shareholders' equity
Common shares		20,400		1,400
Retained earnings		131,400		78,000
Total shareholders' equity		151,800		79,400
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$315,700		$237,500

SHAMROCKS CUSTOM CLOTHING INCOME STATEMENT For the Years Ended December 31
		2020		2019
Sales revenue		883,000		744,000
Cost of sales		623,000		558,000
Gross margin		260,000		186,000
Expenses
Salary expense		103,000		88,000
Interest expense		4,900		2,100
Other expenses		7,900		6,200
Depreciation expense		31,000		32,400
Total expenses		146,800		128,700
Operating income		113,200		57,300
Loss on disposal of equipment		5,000		1,000
Income tax expense		28,300		17,300
Net income		79,900		39,000

Following is additional information concerning SCCs transactions during the year ended December 31, 2020:

		Equipment costing $35,000 was purchased by paying $25,000 cash and issuing 400 common shares.
		Equipment costing $75,000 that was purchased at the beginning of 2019 was sold at the end of 2020 for $40,000. 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, SCC increased its bank loan by $11,000.
		Cash dividends of $26,500 were paid at the end of the fiscal year.
		Cost of sales includes $181,000 of direct labour costs.

Prepare a statement of cash flows for SCC 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).)

Shamrocks Custom Clothing Statement of Cash Flows December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
Net Cash Used by Financing ActivitiesNet Cash Used by Operating ActivitiesDecrease in CashCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Operating ActivitiesIncrease in CashCash Flows from Financing ActivitiesClosing Cash BalanceNet Cash Provided by Investing ActivitiesNet Cash Used by Investing ActivitiesOpening Cash Balance
Cash Paid to EmployeesCash Paid to SuppliersIncrease in Bank Loan PayableCash Paid for InterestPayment of DividendsCash Received from CustomersIssuance of Common SharesIssuance of Common Shares in Partial Payment for EquipmentCash Paid for TaxesProceeds from Sale of EquipmentCash Paid for Purchase of Equipment		$
Cash Received from CustomersIssuance of Common Shares in Partial Payment for EquipmentIncrease in Bank Loan PayableCash Paid for InterestCash Paid for Purchase of EquipmentProceeds from Sale of EquipmentCash Paid to SuppliersIssuance of Common SharesCash Paid to EmployeesCash Paid for TaxesPayment of Dividends
Increase in Bank Loan PayableCash Received from CustomersCash Paid for InterestCash Paid to EmployeesPayment of DividendsProceeds from Sale of EquipmentCash Paid for TaxesIssuance of Common SharesIssuance of Common Shares in Partial Payment for EquipmentCash Paid to SuppliersCash Paid for Purchase of Equipment
Cash Paid to EmployeesCash Paid to SuppliersPayment of DividendsCash Received from CustomersProceeds from Sale of EquipmentCash Paid for Purchase of EquipmentCash Paid for TaxesIssuance of Common Shares in Partial Payment for EquipmentCash Paid for InterestIssuance of Common SharesIncrease in Bank Loan Payable
Increase in Bank Loan PayableIssuance of Common Shares in Partial Payment for EquipmentPayment of DividendsCash Paid to SuppliersCash Paid to EmployeesCash Paid for Purchase of EquipmentProceeds from Sale of EquipmentIssuance of Common SharesCash Paid for TaxesCash Paid for InterestCash Received from Customers
Net Cash Used by Operating ActivitiesNet Cash Used by Financing ActivitiesOpening Cash BalanceNet Cash Provided by Investing ActivitiesNet Cash Used by Investing ActivitiesIncrease in CashNet Cash Provided by Financing ActivitiesClosing Cash BalanceNet Cash Provided by Operating ActivitiesCash Flows from Operating ActivitiesDecrease in CashCash Flows from Investing ActivitiesCash Flows from Financing Activities
Decrease in CashCash Flows from Operating ActivitiesIncrease in CashNet Cash Provided by Investing ActivitiesNet Cash Used by Financing ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Operating ActivitiesClosing Cash BalanceCash Flows from Financing ActivitiesNet Cash Used by Operating ActivitiesOpening Cash BalanceCash Flows from Investing ActivitiesNet Cash Used by Investing Activities
Issuance of Common SharesCash Paid to EmployeesCash Paid for Purchase of EquipmentPayment of DividendsCash Received from CustomersCash Paid for TaxesCash Paid for InterestCash Paid to SuppliersIncrease in Bank Loan PayableProceeds from Sale of EquipmentIssuance of Common Shares in Partial Payment for Equipment
Payment of DividendsCash Paid for Purchase of EquipmentCash Paid to SuppliersProceeds from Sale of EquipmentIncrease in Bank Loan PayableIssuance of Common Shares in Partial Payment for EquipmentCash Paid for InterestCash Paid to EmployeesCash Paid for TaxesIssuance of Common SharesCash Received from Customers
Decrease in CashCash Flows from Investing ActivitiesNet Cash Used by Investing ActivitiesCash Flows from Operating ActivitiesClosing Cash BalanceNet Cash Provided by Financing ActivitiesOpening Cash BalanceCash Flows from Financing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Provided by Investing ActivitiesIncrease in CashNet Cash Used by Operating Activities