Can you please look at this and let me know if it is correct.

Cannon Company has the following information for the year ending December 31, 2015.

• Long-term debt of $18,000 was issued for cash.
• Cash paid for labor during 2015 amounted to $489,500.
• During the year, Cannon experienced a pension outflow of $14,000.
• Dividends of $34,000 were received.
• Cannon's cash balance at the beginning of 2015 was $975,000; at the end of 2015 the cash balance was $839,500.
• The company made an investment of $310,000 in an affiliate company.
• A lease payment of $110,000 was made on November 1, 2015. There is no asset recorded in connection with the lease.
• During the year, Cannon collected $780,000 cash from customers.
• Cash paid for income taxes amounted to $56,000 for all of 2015.
• During 2015, Cannon discontinued its consumer electronics division. The business was sold resulting in a $12,000 net cash inflow.

1. Prepare Cannon Company's statement of cash flows for the year ending December 31, 2015 using the indirect method.

Cash flow from Operations

Collected from customers $780,000

Paid for labor $489,500

Paid for pension $14,000

Income Taxes $56,000

$780,000-$489,500-$14,000-$56,000 = $220,500

Cash flow from Investments

Investment in affiliate $310,000

Dividends received $34,000

Asset on lease $110,000

Business sold $12,000

$310,000-$34,000+$110,000-$12,000 = $374,000

Cash flow from Financing

Long term debt $18,000

$220,000-$374,000+$18,000= -$135,500

Opening Cash balance $975,000 Closing Cash balance $839,500

$975,000-$839,500=$135,500

1. Explain how the indirect statement of cash flows that you prepared would differ under IFRS rules. Assume this is a nonfinancial entity.

Under IFRS reconciliation of cash provided/(used) by operating activities is to be reconciled with net income only under indirect method while USGAAP requires for both direct and indirect methods.