#3 (30) Cheyenne Inc., a major retailer of bicycles and accessories, operates several stores and is a publicly traded company. The company is currently preparing its statement of cash flows and has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. The comparative statement of financial position and income statement for Cheyenne as at May 31, 2023, are as follows: Greyenne Inc Statement of Financial Position As at May 31 Current Assets 2023 2022 Cash $34.400 $20,110 Accounts receivable 78,150 55,950 Inventory 189.010 199,480 Prepaid expenses 8,600 7.630 Total current assets 310,160 283,170 Less: Accumulated depreciation 151.110 122,110 Net plant assets 452,390 388,390 Total assets $762,550 $671,560 Current Liabilities Accounts payable $121,350 $115,350 Salaries and wages payable 61,460 72,630 Interest payable 25,860 23,080 Total current liabilities 208,670 211,060 Mortgage payable 83,560 109,000 Total liabilities 292,230 320,060 Shareholders' Equity Common shares 336,190 280,000 Retained earnings 134.130 71,500 Total liabilities and shareholders' equity $762,550 $671,560 Cheyenne Inc. Income Statement For the Year Ended May 31, 2023 Sales revenue $1,336,360 Cost of goods sold 811,000 Gross margin 525,360 Expenses Salaries and wages expense 201,000 Interest expense 65,000 Other operating expenses 23.100 Depreciation expense 29,000 Total operating expenses 318,100 Operating income 207,260 Income tax expense 65.800 Net earnings $141.460 The following is additional information about transactions during the year ended May 31, 2023, for Cheyenne, which follows IFRS. Plant assets costing $93,000 were purchased by paying $51,000 in cash and issuing 5,000 common shares 2 The other expenses" relate to prepaid items. 3. To supplement its cash, Cheyenne issued 4,000 additional common shares. 4 There were no penalties assessed for the repayment of the mortgage. 5. Cash dividends of $78,830 were declared and paid at the end of the fiscal year. Prepare a statement of cash flows for Cheyenne Inc. for the year ended May 31, 2023 using the direct method and Cash flow from operating activities using indirect method