The following information is for Harley Holdings Ltd. for the year ended January 31, 2020. HARLEY HOLDINGS LTD. Statement of Financial Position As at January 31 2020 2019 Assets Current assets: Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation, equipment Land $49,000 85,060 93,690 227,750 171,500 (42,630) 117,600 $474,220 $35,770 53,900 99,670 189,340 142,100 (38,220) 166,600 $459,820 Liabilities and shareholders' equity Current liabilities: Accounts payable Dividends payable Total current liabilities Bank loan payable Common shares Retained earnings $44,390 12,740 57,130 98,000 147,000 172,090 $474,220 $60,960 4,900 65,860 137,200 127,400 129,360 $459,820 $426,300 289,100 137,200 HARLEY HOLDINGS LTD. Statement of Income For the year ended January 31, 2020 Sales revenue Cost of goods sold Gross profit Expenses Wages expense $14,900 Depreciation expense 25,970 Rent expense 14,800 Income tax expense 14,410 Operation income Gain on sale of equipment Net income 70,080 67,120 980 $68,100 Additional information: 1. Equipment costing $34,300 was sold for $13,720. Land was sold at cost and none was purchased during the year. 2. (a2) Using the above information, prepare the operating activities section of statement of cash flows for Harley Holdings Ltd. for the year ended January 31, 2020, using direct method. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).) HARLEY HOLDINGS LTD. Statement of Cash Flows, Direct Method For the Year Ended January 31, 2020 $ $ $ $