Please show all Excel calculations and explanations. Thank you.

BUSI 293 Assignment on the Statement of Cash Pious The following nancial statement information is available for Elm Inc. at the end of 2020: Elm Inc. Statement of nancial Position As at December 31" M M Assets Cash $156,000 $135,000 Accounts receivable (net) 210,000 236,000 Inventory 185,000 140,000 Prepaid Insurance m m Total current assets 562,500 520,000 Property, plant & equipment 1,820,000 1,600,000 Accumulated depreciation 11,060,000} 1960,0001 Total assets m m Liabilities Accounts payable $160,000 $148,000 Other accrued liabilities 72,000 58,000 Income taxes payable 24,000 20 000 Total current liabilities 256,000 226,000 Long-term debt 600,000 625 000 Total liabilities 5556,0m 5151M shareholder: Equity Common shares $170,000 $110,000 Retained earnings 296,500 199 000 Total shareholder equity 466 500 309 000 Total liabilities and shareholde rs' equity m gm Elm Inc. Income Statement Year ended December 31,. 2020 Revenue 51,912,000 Cost of goods sold 1,109,000 Gross margin 803,000 Operating expenses 521,000 Operating income 282,000 Non-operating items: lnte rest expense $30,000 Loss on sale of equipment 12,000 Total non-operating items 42,000 Income before tax expense 240.000 Tax expense 47,500 Net income M Additional information 1. The equipment sold in 2020 had an original cost of60,000. i\" Depreciation expense of $120,000 is included in operating expenses. 3. The company declared and issued a stock dividend of $35,000 during the year. The only other transactions affecting retained earnings related to net income and cash dividends. Required: 1. Using the indirect method provide a summary of cash flows from each activity and reconcile the cash account. Please show all work. (15 marks) 1. Briefly describe the difference between calculating cash from or for operating activities under the direct method as opposed to the indirect method. Determine the cash receipts from customers and the cash paid for inventory under the direct method