Sheffield Limited, which follows IFRS, has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. Condensed financial data for 2020 and 2019 follow (in thousands): SHEFFIELD LIMITED Comparative Statement of Financial Position December 31 2020 2019 Cash $2,025 $1,150 FV-NI investments 1,300 1,420 Accounts receivable 1,800 1,305 Inventory 1,630 2,015 Plant assets 1,995 1,745 Accumulated depreciation (1,200) (1,170) $7,550 $6,465 Accounts payable $1,250 $905 Accrued liabilities 230 280 Mortgage payable 1,400 1,635 Common shares 1,985 1,745 Retained earnings 2,685 1,900 $7,550 $6,465 Sales Cost of goods sold Gross margin SHEFFIELD LIMITED Income Statement Year Ended December 31, 2020 Administrative expenses $6,950 4,700 2,250 910 Income from operations 1,340 Other expenses and gains Interest expense $120 Gain on disposal of FV-NI investments 80 60 Income before tax 1,400 Income tax expense 405 Net income $995