Ambrose Inc., a public company following IFRS, shows the following information: Ambrose Inc. Balance Sheet December 31, 2022 2021 ASSETS Cash $ 15,000 $ - Accounts receivable 17,500 16,950 FV-NI Investments 20,000 30,000 Inventory 42,000 35,000 Prepaid rent 5,100 12,900 Office supplies 1,000 750 Land 125,000 175,000 Building 350,000 350,000 Accumulated depreciation building (105,000) (87,500) Equipment 525,000 400,000 Accumulated depreciation equipment (130,000) (112,000) Patent 52,500 52,500 Accumulated amortization - patent (7,500) (2,500) Total assets $ 910,600 $ 871,100 LIABILITIES AND SHAREHOLDERS EQUITY Bank overdraft $ - $ 12,000 Accounts payable 22,000 20,000 Taxes payable 5,000 4,000 Wages payable 5,000 3,000 Short-term note payable 10,000 10,000 Long-term note payable 8% 60,000 70,000 Deferred tax liability 30,000 25,000 Bonds payable 375,000 375,000 Common stock 260,000 237,500 Retained earnings 143,600 114,600 Total liabilities and shareholders equity $ 910,600 $ 871,100. Ambrose Inc. Income Statement For the year ended December 31, 2022 NET SALES $ 1,160,000 COST OF GOODS SOLD 748,000 GROSS PROFIT 412,000 OPERATING EXPENSES Depreciation & amortization expense $ 40,500 Selling expenses 19,200 Administrative expenses 124,700 Other 92,000 276,400 NET OPERATING INCOME 135,600 OTHER REVENUES AND EXPENSES Gain on disposal of investment 4,000 Gain on sale of land 8,000 Dividend revenue 2,400 Interest expense (51,750) (37,350) INCOME BEFORE TAX 98,250 INCOME TAX 39,400 NET INCOME $ 58,850 Ambrose has adopted the policy of classifying interest paid and dividends received as operating activities and dividends paid as financing activities on the statement of cash flows. Required: 1) Prepare a statement of cash flows, using the indirect method, for the year ended December 31, 2022. 2) Prepare the operating cash flows section using the direct method for December 31, 2022