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Question B: Statement of Cash Flows (13 marks: 23 minutes) The following unclassified statement of financial position relates to Lobo Inc. as at December 313 2019 LORO INC. Comparative Statement of Financial Position December 31 2020 Assets Cash in bank $ 111,000 Accounts receivable, net 290,000 Inventories, at cost 190,000 Prepaid expenses 34,700 Land 60,000 Plant and equipment, net 325.000 Total assets $950/700 $120,000 303,000 160,000 0 72,500 253,500 5909.000 Liabilities and Shareholders' Equity Accounts payable Accrued liabilities Dividends payable Bonds payable, not Common shares Retained camnings Total liabilities and shareholders' equity $100,000 21,700 38.000 103,000 600,000 89,000 S950.700 $ 40,000 30,000 0 105,000 600,000 134.000 $909.000 in information LODO's condensed statement of earnings for the year ended December 31, 2020 showed the following information LORO INC Statement of Earrings For the Year Buded December 31, 2020 Net Cost of Grota profit Operating expenses, including detection of 560,000 latest cense Gain one of land Earrings loss) before come tox Income tax recovery Net hom 31.500.000 190.1000 635 000 1664000) (8.0001 2009 12.000 000 5100 Additional information: a) The land that was sold during the year had an original cost of $12,500. b) Equipment was acquired in 2020, and no disposals were made during the year Required: 1. Prepare, in good form, the operating activities section of the statement of cash flows for the year ended December 31, 2020. Use the indirect method and show all relevant calculations. Do NOT prepare a complete statement of cash flows. (6 mars) 2. Calculate the amount of cash payments to supplers of merchandise The accounts payable relate only to purchases of merchandise for sale. (3 marks) 3. Prepare the investing activities section of the statement of cash flows for the year 2020. (4 marks)