Azure Ltd. had the following 2023 income statement data:

The following accounts increased during 2023 by the amounts shown: Accounts Receivable, $17,000; Inventory, $11,000; Accounts Payable (relating to inventory), $13,000; Taxes Payable, $2,000; and Mortgage Payable, $40,000.

(a) Prepare the cash flows from operating activities section of Azure’s 2023 statement of cash flows using the direct method and following IFRS.

(b) How would the disclosure requirements differ under ASPE?

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Sales revenue Cost of goods sold Gross profit Operating expenses (includes depreciation of $21,000) Income before income taxes Income taxes Net income $205,000 120,000 85,000 50,000 35,000 15,000 $ 20,000