Windsors Custom Clothing (WCC) sells branded clothing to resorts and corporations. The companys comparative financial statements are presented below.

WINDSORS CUSTOM CLOTHING STATEMENT OF FINANCIAL POSITION December 31
Current Assets		2020		2019
Cash		161,000		77,600
Accounts receivable		32,000		24,200
Inventory		71,000		46,800
Prepaid expenses		9,700		3,100
Total current assets		273,700		151,700
Property and equipment
Property and equipment		96,000		139,000
Less: Accumulated depreciation		54,300		55,700
Net property and equipment		41,700		83,300
TOTAL ASSETS		$315,400		$235,000
Current liabilities
Accounts payable		26,200		31,700
Salaries payable		8,700		4,800
Interest payable		4,900		8,000
Total current liabilities		39,800		44,500
Loan payable		123,000		111,000
Total liabilities		162,800		155,500
Shareholders' equity
Common shares		20,900		1,400
Retained earnings		131,700		78,100
Total shareholders' equity		152,600		79,500
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$315,400		$235,000

WINDSORS CUSTOM CLOTHING INCOME STATEMENT For the Years Ended December 31
		2020		2019
Sales revenue		902,000		775,000
Cost of sales		623,000		565,000
Gross margin		279,000		210,000
Expenses
Salary expense		105,000		94,000
Interest expense		5,200		2,000
Other expenses		8,200		6,000
Depreciation expense		29,000		32,100
Total expenses		147,400		134,100
Operating income		131,600		75,900
Loss on disposal of equipment		6,600		1,000
Income tax expense		32,900		17,400
Net income		92,100		57,500

Following is additional information concerning WCCs transactions during the year ended December 31, 2020:

		Equipment costing $33,000 was purchased by paying $25,000 cash and issuing 400 common shares.
		Equipment costing $76,000 that was purchased at the beginning of 2019 was sold at the end of 2020 for $39,000. Straight-line depreciation had been used with an expected asset life of 5 years and a residual value of $0.
		The other expenses relate to prepaid items.
		In order to supplement its cash, WCC increased its bank loan by $12,000.
		Cash dividends of $38,500 were paid at the end of the fiscal year.
		Cost of sales includes $182,000 of direct labour costs.

Prepare a statement of cash flows for WCC for the year ended December 31, 2020, using the direct method. CCC follows ASPE.Include any note disclosure on non-cash financing and investing transaction