QUESTION $1[25$ MARKS$]$ Below is a comparative statement of financial position for Egglestone Vibe Inc. as at December $31,2016$: Egglestone Vibe Inc. Statement of Financial Position December $3120202019$ Assets Cash Accounts receivable Inventory Land Plant assets Accumulated depreciation$-$plant assets Goodwill Total assets $166,400113,100302,90084,500507,000(152,100)161,2001,183,000146,90076,700235,300133,900560,000(111,800)224,9001,265,900$ Liabilities and Equity Accounts payable Dividend payable Notes payable Comon shares Retained earnings Total liabilities and equity $38,10019,500416,000322,500386,9001,183,00066,30041,600565,500162,500430,0001,265,900$ Additional information: i$.$ Net income for the $2020$ fiscal year was $$24,700.$ Depreciation expense was $$55,900$ ii$.$ During $2020,$ land was purchased for cash of $$62,400$ for expansion purposes. Six months later, another section of land with a carrying value of $$111,800$ was sold for $$150,000$ cash. iii. On June $15,2020$ notes payable of $$160,000$ was retired in exchange for the issuance of common shares. On December $31,2020,$ notes payable for $$10,500$ were issued for additional cash flow. iv$.$ At year$-$end, plant assets originally costing $$53,000$ were sold for $$27,300,$ since they were no longer contributing to profits. At the date of the sale, the accumulated depreciation for the asset sold was $$15,600.$ v$.$ Cash dividends were declared and a portion of those were paid in $2020.$ vi$.$ Goodwill impairment loss was recorded in $2020$ to reflect a decrease in the recoverable amount of goodwill. Required: a$.$ Prepare a statement of cashflows for the year ended December $31,2020.(20$ marks$)$ b$.$ Analyse and comment on the results reported in the statement. $(5$ marks$)$