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:

The following is additional information about transactions during the year ended May 31, 2023, for Cheyenne, which follows IFRS.

1- 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.

Cheyenne Inc. Statement of Financial Position As at May 31 Current Liabilities Cheyenne Inc. Income Statement For the Year Ended May 31, 2023 \begin{tabular}{|l|l|l|} \hline Sales revenue & & $1,336,360 \\ \hline Cost of goods sold & & 811,000 \\ \hline Gross margin & & 525,360 \\ \hline Expenses & & \\ \hline Salaries and wages expense & & 201,000 \\ \hline Interest expense & & 65,000 \\ \hline Other operating expenses & & 23,100 \\ \hline Depreciation expense & & 29,000 \\ \hline Operating income & & 318,100 \\ \hline Incomerating expenses & & 207,260 \\ \hline Net earnings & & \\ \hline \end{tabular}