Sheffield Inc., a major retailer of high$-$end office furniture, operates several stores and is a publicly traded company. The company is currently preparing its statement of cash flows. The comparative statement of financial position and income statement for Sheffield as at May $31,2023,$ are as follows:

Sheffield Inc.

Statement of Financial Position

May $31,2023,$ and May $31,2022$

$2023$

$2022$

Assets

Cash

$$61,400$

$$21,700$

Accounts receivable

$77,500$

$55,400$

Inventory

$192,000$

$197,500$

Prepaid insurance

$8,600$

$7,100$

Total current assets

$339,500$

$281,700$

Plant assets

$582,000$

$511,500$

Less: Accumulated depreciation

$145,200$

$120,000$

Net plant assets

$436,800$

$391,500$

Total assets

$$776,300$

$$673,200$

Liabilities and Shareholders' Equity

Accounts payable

$$122,900$

$$114,800$

Salaries and wages payable

Interest payable

Total current liabilities

Mortgage payable

Total liabilities

Shareholders' equity

Common shares

Retained earnings

Total shareholders' equity

Total liabilities and shareholders' equity

Sheffield Inc.

Income Statement

For the Year Ended May $31,2023$

$$985,000$

$419,000$

$566,000$

Sales

Cost of goods sold

Gross margin

Expenses

Salaries and wages expense

$207,300$

Other operating expenses

$120,400$

Depreciation expense

$25\mathrm{.}200$

Total operating expenses

$352,900$

Operating income

$213,100$

Interest expense

$26,000$

Income before income tax

$187,100$

Income tax expense

$56,500$

Net earnings

$$130,600$

The following is additional information about transactions during the year ended May $31,2023,$ for Sheffield, which follows IFRS.

Plant assets costing $$70,500$ were purchased by paying $$48,000$ in cash and issuing $5,000$ common shares.

In order to supplement its cash, Sheffield issued $4,000$ additional common shares.

Cash dividends of $$40,000$ were declared and paid at the end of the fiscal year. Dividends paid are treated as financing activities.

Prepare a statement of cash flows for Sheffield for the year ended May $31,2023,$ using the direct method. the direct method. $($Show amounts that decrease cash flow under investing and financing activities with either a $-$ sign e$.$g$.-15,000$ or in parenthesis e$.$g$.(15,000).)$