The following is a comparative SFP position and income statement for Ivanhoe Corporation:

Ivanhoe Corporation Statement of Financial Position As at September 30
Assets			2020			2019
	Cash		94,500			128,200
	Accounts receivable		106,900			82,000
	Inventory		111,200			227,500
	Prepaid operating expenses		26,750			19,800
	Long term investments		250,550			122,250
	Equipment		1,419,300			1,321,300
	Less: Accumulated depreciation		(520,000	)		(450,000	)
			1,489,200			1,451,050
Liabilities and Shareholders' Equity
	Accounts payable		74,800			82,800
	Income tax payable		21,200			14,200
	Bonds payable		900,300			950,300
	Common shares		201,300			141,000
	Retained earnings		291,600			262,750
			1,489,200			1,451,050

Ivanhoe Corporation Income Statement For the year ended September 30, 2020
Sales revenue		892,700
Cost of goods sold		625,000
Gross profit		267,700
Operating expenses		185,000
Income from operations		82,700
Interest expense		3,000
Gain on disposal of equipment		2,200
Income before income tax		81,900
Income tax expense		32,000
Net income		$49,900

ADDITIONAL INFORMATION:

		Depreciation expense is included in operating expenses. All accounts payable transactions were related to the purchase of inventory.
		During the year, a piece of equipment that originally cost $100,000 was sold for cash. The equipment was 60% depreciated at the time of the sale.
		Long-term investments were purchased for cash during the year.

Prepare a statement of cash flows, in good form, for Ivanhoe Corporation, using the direct method. Ivanhoe Corporation follows ASPE. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Ivanhoe Corporation Statement of Cash Flows

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