Westward Ltd.s (Westwards) comparative statements of financial position at December 31, 2020 and 2019, and its statement of comprehensive income for the year ended December 31, 2020, are as follows:

Westward Ltd.

Statement of financial position

As at December 31

Assets	2020	2019
Cash	$ 68,000	$ 36,000
Accounts receivable	92,000	39,000
Inventory	119,000	87,000
Investments	37,000	18,000
Land	80,000	80,000
Building and equipment	463,000	475,000
Accumulated depreciation	(123,000)	(101,000)
Total assets	$ 736,000	$ 634,000
Liabilities and shareholders equity Liabilities Accounts payable	$ 17,000	$ 37,000
Salaries payable	5,000	3,000
Income taxes payable	12,000	8,000
Bonds payable	25,000	15,000
Total liabilities	$ 59,000	$ 63,000
Shareholders equity Preferred shares	$ 85,000	$ 85,000
Common shares	448,000	400,000
Retained earnings	144,000	86,000
Total shareholders equity	$677,000	$571,000
Total liabilities and shareholders equity	$736,000	$634,000

Westward Ltd.

Statement of comprehensive income

For the year ended December 31, 2020

Sales	$900,000
Cost of sales	(600,000)
Gross margin	300,000
Other income gain in investments	6,000
	306,000
Operating expenses	(148,000)
Interest expense	(11,000)
Depreciation expense	(41,000)
Loss on sale of equipment	(4,000)
Net income before taxes	102,000
Income taxes	(30,000)
Net income Additional information for 2020 is as follows:	$ 72,000

• During 2020, Westward sold equipment that had originally cost $32,000 and had an accumulated depreciation of $19,000 at the time of sale.
• Investments are classified as fair value through profit or loss, and are NOT considered part of cash and cash equivalents. Cash proceeds of $20,000 were received for investments sold during the year.
• Operating expenses include salaries expense of $58,000.
• All dividends are paid on the same day they are declared.
• Westward reports under IFRS.

Required:

Prepare Westwards statement of cash flows for the year ended December 31, 2020, using the direct method.