The comparative statement of financial position of Novak Inc. as at June 30, 2020, and a statement of comprehensive income for the 2020 fiscal year follow:

NOVAK INC. Statement of Financial Position June 30, 2020
		June 30
Assets		2020			2019
Cash		$	20,000		$	37,000
Accounts receivable			85,700			71,300
Inventory			103,600			101,200
Prepaid expenses			3,000			5,400
FV-OCI investments			47,600			45,500
Equipment			175,000			158,000
Accumulated depreciationequipment			(34,400	)		(24,500	)
Total		$	400,500		$	393,900
Liabilities and Shareholders Equity
Accounts payable		$	114,000		$	99,000
Income tax payable			1,700			3,000
Dividends payable			6,000			0
Long-term notes payable			82,000			121,000
Common shares			30,800			23,200
Retained earnings			154,900			138,700
Accumulated other comprehensive income			11,100			9,000
Total		$	400,500		$	393,900

NOVAK INC. Statement of Comprehensive Income For the Year Ended June 30, 2020
Net sales		$325,000
Cost of goods sold		161,000
Gross profit		164,000
Operating expenses		124,500
Income from operations		39,500
Interest expense		8,700
Income before income tax		30,800
Income tax		5,900
Net income		24,900
Other comprehensive income
Unrealized gain or lossOCI		2,100
Comprehensive income		$ 27,000

Additional information:

1.		Novak follows IFRS. Assume that interest is treated as an operating activity for purposes of the statement of cash flows.
2.		Operating expenses include $9,900 in depreciation expense.
3.		There were no disposals of equipment during the year.
4.		Common shares were issued for cash.
5.		During the year, Novak acquired $9,000 of equipment in exchange for long-term notes payable.

Prepare the statement of cash flows for Novak for the year ended June 30, 2020, using the indirect method along with any necessary note disclosure. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Prepare the operating activities section of the statement of cash flows for Novak using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)