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, 2020, are as follows:

Sheffield Inc. Statement of Financial Position May 31, 2020, and May 31, 2019
		2020			2019
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			10,700			13,000
Interest payable			4,500			2,800
Total current liabilities			138,100			130,600
Mortgage payable			77,000			115,000
Total liabilities			215,100			245,600
Shareholders equity
Common shares			405,000			362,000
Retained earnings			156,200			65,600
Total shareholders equity			561,200			427,600
Total liabilities and shareholders equity		$	776,300		$	673,200

Sheffield Inc. Income Statement For the Year Ended May 31, 2020
Sales		$985,000
Cost of goods sold		419,000
Gross margin		566,000
Expenses
Salaries and wages expense		207,300
Other operating expenses		120,400
Depreciation expense		25,200
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, 2020 for Sheffield Inc., which follows IFRS.

1.		Plant assets costing $70,500 were purchased by paying $48,000 in cash and issuing 5,000 common shares.
2.		In order to supplement its cash, Sheffield issued 4,000 additional common shares.
3.		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 Inc. for the year ended May 31, 2020 using the direct method.