Answer each of the following questions related to international accounting standards. 1. Which method, indirect or direct, is acceptable for reporting operating cash flows under IFRS? Indirect Direct Both 2. For each of the following four cash flows, identify whether it is reported under the operating, investing, or financing section (or some combination) within the indirect format of the statement of cash flows reported under IFRS and under U.S. GAAP. US GAAP Reporting Cash flow source IFRS Reporting a. Interest paid b. Dividends paid c. Interest received d. Dividends received ! Required information The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Balance Sheets 2017 2016 Plant assets 270,000 (210,000) Equipment Accum. Depr.-Equipment 180,000 (100,000) Equipment, net Buildings Accum. Depr.-Buildings 80,000 60,000 380,000 100,000) $ 400,000 (285,000) $115,000 Buildings, ne 28 During 2017, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000. 1. How much cash did Anders receive from the sale of equipment? Cash received from the sale of equipment 2. How much depreciation expense was recorded on equipment during 2017? Depreciation expense 3. What was the cost of new equipment purchased by Anders during 2017? Purchase of equipment