Westward Ltd.'s (Westward's) comparative statements of financial position at December 31, 2020 and 2019, and its statement of comprehensive income for the ye ended December 31, 2020, are as follows: 2019 Westward Ltd. Statement of financial position As at December 31 2020 Assets Cash $ 68,000 Accounts receivable 92,000 Inventory 119,000 Investments 37,000 Land 80,000 Building and equipment 463,000 Accumulated depreciation (123,000) Total assets $ 736.000 $ 36,000 39,000 87,000 18,000 80,000 475,000 (101,000) $ 634.000 Liabilities and shareholders' equity Liabilities Accounts payable Salaries payable Income taxes payable Bonds payable Total liabilities $ 17,000 5,000 12.000 25.000 $ 59,000 $ 37,000 3,000 8,000 15,000 $ 63,000 Shareholders' equity Preferred shares Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 85,000 448,000 144,000 $677.000 $736.000 $ 85,000 400,000 86.000 $571,000 $634.000 Westward Ltd. Statement of comprehensive income For the year ended December 31, 2020 Sales Cost of sales Gross margin Other income gain in investments Operating expenses Interest expense Depreciation expense Loss on sale of equipment Net income before taxes Income taxes Net income $900,000 (600.000) 300,000 6,000 306,000 (148,000) (11,000) (41,000) (4,000) 102,000 (30.000) $ 72.000 Additional information for 2020 is as follows: 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 Westward's statement of cash flows for the year ended December 31, 2020, using the direct method. (12 marks)