Cannon Company has the following information for the year ending Dec 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 $ 975,00; 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 Novermber 1, 2015. There is no asset recorded in connectin with the lease. During the year, Cannon collected $ 780,000 cash from customers. Cash paid for income taxes amounted to $ 56,000 for all 2015. During 2015, Cannon discoutinued 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 indirect method. 2- Explain how the indirect statement of cash flows that you prepared would differ under IFRS rules. Assume this is a nonfinancial entity.