Whispering Winds Inc., a major retailer of high-end office furniture, operates several stores and is a publicly traded company. The company is currently preparing its statement of cash flows. The comparative statement of financial position and income statement for Whispering Winds as at May 31, 2020, are as follows:

Whispering Winds Inc. Statement of Financial Position May 31, 2020, and May 31, 2019
		2020			2019
Assets
Cash		$	81,100		$	20,800
Accounts receivable			76,300			55,100
Inventory			188,200			198,500
Prepaid insurance			9,200			7,100
Total current assets			354,800			281,500
Plant assets			580,000			513,500
Less: Accumulated depreciation			147,300			121,200
Net plant assets			432,700			392,300
Total assets		$	787,500		$	673,800
Liabilities and Shareholders Equity
Accounts payable		$	123,500		$	115,100
Salaries and wages payable			11,100			12,400
Interest payable			5,100			2,600
Total current liabilities			139,700			130,100
Mortgage payable			84,000			108,000
Total liabilities			223,700			238,100
Shareholders equity
Common shares			405,000			356,000
Retained earnings			158,800			79,700
Total shareholders equity			563,800			435,700
Total liabilities and shareholders equity		$	787,500		$	673,800

Whispering Winds Inc. Income Statement For the Year Ended May 31, 2020
Sales		$965,000
Cost of goods sold		413,000
Gross margin		552,000
Expenses
Salaries and wages expense		207,800
Other operating expenses		120,900
Depreciation expense		26,100
Total operating expenses		354,800
Operating income		197,200
Interest expense		26,600
Income before income tax		170,600
Income tax expense		55,500
Net earnings		$ 115,100

The following is additional information about transactions during the year ended May 31, 2020 for Whispering Winds Inc., which follows IFRS.

1.		Plant assets costing $66,500 were purchased by paying $45,000 in cash and issuing 5,000 common shares.
2.		In order to supplement its cash, Whispering Winds issued 4,000 additional common shares.
3.		Cash dividends of $36,000 were declared and paid at the end of the fiscal year.

Prepare a statement of cash flows for Whispering Winds Inc. for the year ended May 31, 2020 using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Whispering Winds INC. Statement of Cash Flows (Direct Method) Schedule of non-cash investing and financing activities Using the indirect method, calculate only the net cash flow from operating activities for Whispering Winds Inc. for the year ended May 31, 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Whispering Winds INC. Statement of Cash Flows (partial) Adjustments to reconcile net income to net cash provided by operating activities