The statement of cash flows for the year ended December 31, 2021, for Bronco Metals is presented below.

Required:Prepare the statement of cash flows assuming that Bronco prepares its financial statements according to International Financial Reporting Standards. Where IFRS allows flexibility, use the classification used most often in IFRS financial statements.

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BRONCO METALS Statement of Cash Flows For the Year Ended December 31, 2021 Cash flows from operating activities: $353,000 Collections from customers Interest on notes receivable 4,000 Dividends received from investments 2,400 Purchase of inventory (186,000) (67,000) Payment of operating expenses Payment of interest on notes payable Net cash flows from operating activities Cash flows from investing activities: (8,000) $ 98,400 Collection of notes receivable 100,000 Purchase of equipment (154,000) Net cash flows from investing activities (54,000) Cash flows from financing activities: Proceeds from issuance of common stock 200,000 Dividends paid to shareholders (40,000) Net cash flows from financing activities 160,000 Net increase in cash 204,400 Cash and cash equivalents, January 1 28,600 Cash and cash equivalents, December 31 $233,000