The comparative unclassified statement of financial position for Puffy Ltd. follows: PUFFY LTD. Statement of Financial Position 2015 2014 Cash Accounts receivable Merchandise inventory Land Equipment Accumulated depreciation Total assets $52,400 $21,790 75,920 180,390 186,340 71,650 103,230 263,470 196,330 (66,670(30,790) $581,320 $552,820 80,080 Liabilities and Shareholders' Equity Accounts payable Bank loan payable Common shares Retained earnings Total liabilities and shareholders' equity $581.320 $40,560 47,980 141,910 198,900 201,800 172,340 197,050 133.600 $552,820 Additional information: 1. Profit was $108,100 2. Sales were $972,770 3. Cost of goods sold was $750,870. 4. Operating expenses were $43,500, exclusive of depreciation expense 5. Depreciation expense was $35,880 6. Interest expense was $14,660 7. Income tax expense was $24,510 8. Land was sold at a gain of $4,750 9. No equipment was sold during the year 10. 11. $56,990 of the bank loan was repaid during the year Common shares were issued for $29,460 Prepare a statement of cash flows 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).)