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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:

Cheyenne Inc. Statement of Financial Position As at May 31
Current Assets			2023		2022
	Cash		$34,400		$20,110
	Accounts receivable		78,150		55,950
	Inventory		189,010		199,480
	Prepaid expenses		8,600		7,630
	Total current assets		310,160		283,170
	Less: Accumulated depreciation		151,110		122,110
	Net plant assets		452,390		388,390
	Total assets		$762,550		$671,560
Current Liabilities
	Accounts payable		$121,350		$115,350
	Salaries and wages payable		61,460		72,630
	Interest payable		25,860		23,080
	Total current liabilities		208,670		211,060
	Mortgage payable		83,560		109,000
	Total liabilities		292,230		320,060
Shareholders Equity
	Common shares		336,190		280,000
	Retained earnings		134,130		71,500
	Total liabilities and shareholders equity		$762,550		$671,560

Cheyenne Inc. Income Statement For the Year Ended May 31, 2023
Sales revenue				$1,336,360
Cost of goods sold				811,000
Gross margin				525,360
Expenses
	Salaries and wages expense			201,000
	Interest expense			65,000
	Other operating expenses			23,100
	Depreciation expense			29,000
Total operating expenses				318,100
Operating income				207,260
	Income tax expense			65,800
Net earnings				$141,460

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.

Instructions

Prepare a statement of cash flows for Cheyenne Inc. for the year ended May 31, 2023, using the direct method.

Cash flow from operating activities using indirect method.