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WITH THE FULL STATEMENT OF CASH FLOW AND SOLUTION.

ANSWER THE BOTTOM PART AS WELL.

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The comparativestatement of financial position of Sheffield Inc. as at June 30,2023, and a statement of comprehensive income for the During the year, equipment with a cost of Cash paid during the year for interest. Retained earnings \begin{tabular}{|c|c|c|c|} \hline & 149,700 & & 137,900 \\ \hline & 12,800 & & 9,200 \\ \hline$ & 404,300 & $ & 394,500 \\ \hline \end{tabular} SHEFFIELD INC. Statement of Comprehensive Income For the Year Ended June 30, 2023 Net sales Cost of goods sold Gross profit. Operating expenses Income from operations Interest expense Income before income tax income tax Net income Other comprehensive income Unrealized gain or loss-OCl Comprehensive income $330,000 166,000164,000 42,500123,500 9,00033,500 27,9005,600 3,600$31,500 The comparative statement of financial position of Sheffield Inc. as at June 30,2023 , and a statement of comprehensive income for the 2023 fiscal year follow: 1. Sheffield follows IFRS. Assume that interest is treated as an operating activity for purposes of the statement of cash flows. 2. Operating expenses include $11,000 in depreciation expense. 3. There were no disposals of equipment during the year. 4. Common shares were issued for cash. 5. During the year, Sheffield acquired $8,000 of equipment in exchange for long-term notes payable. (a) Prepare the statement of cash flows for Sheffield for the year ended June 30, 2023, using the indirect method along with any necessary note disclosure. (Show amounts that decrease cash flow with either a-signeg 15,000 or in parenthesis eg (15,000) ) SHEFFIELD INC. Statement of Cash Flows For the Year Ended June 30, 2023 Cash Flows from Operating Activities Net Income / (Loss) $27900 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Expense Increase in Accounts Payable Increase in Inventory Decrease in Prepaid Expenses Increase in Accounts Payable Decrease in Income Taxes Payable $11000 16000 2100 3400 21500 2500 Net Cash Provided by Operating Activities Additional information: 1. Sheffeld follows IFRS. Assume that interest is treated as an operating activity for purposes of the statement of cash flows, 2. Operating expenses include $11,000 in depreciation expense. 3. There were no disposals of equipment during the year. 4. Common shares wereissued for cash. 5. During the year, Sheffield acquired $8,000 of equipment in exchange for long-terin notes payable