The financial statements of Lewis Limited appear below: LEWIS LIMITED Comparative statement of financial positions 31 December 2020 2019 Assets Cash $ 44,000 $ 23,000 Accounts receivable 26.000 34,000 Merchandise inventory 20,000 15.000 Property, plant, and equipment 50,000 78.000 Accumulated depreciation (20.000) (24.000) Total $120.000 $126.000 Liabilities and equity. Accounts payable $ 15,000 $ 23,000 Income taxes payable 13,000 8,000 Notes payable 7,000 33,000 Ordinary shares 41,000 24,000 Retained earnings 44.000 38.000 Total $120,000 $126.000 LEWIS LIMITED Income statement for the year ended 31 December 2020 $350,000 Sales Cost of sales 280.000 70.000 Gross pront $20,000 Selling expenses 36.000 Administrative expenses Gross profit 70,000 Selling expenses $20,000 Administrative expenses 16.000 36.000 34,000 4.000 Income from operations Interest expense Income before income taxes Income tax expense Profit after income tax 30,000 10.000 $ 20,000 The following additional data were provided: 1. Dividends declared and paid were $14,000. 2. During the year equipment was sold for $12,000 cash. This equipment cost $28.000 originally and had a carrying amount of $12.000 at the time of sale. 3. All depreciation expense is in the selling expense category. 4. All sales and purchases are on account. 5. Accounts payable pertain to merchandise suppliers. 6. All operating expenses except for depreciation were paid in cash. Required Prepare a statement of cash flows for Lewis Limited using the direct method