Prepare Operating section of Statement of cash flows using both direct and indirect methods. Please show steps to arrive at each value

14) Presented below Corporation (in s sted below are the comparative balance sheets and income statement for Pierce ration (in $ millions) for the year ended December 31, Year 2: Pierce Manufacturing Corporation Balance Sheet At December 31, Year 2 Year 2 Year 1 Assets Cash Accounts Receivable Yoventory Prepaid Insurance Property Plant and Equipment Less: Accumulated Depreciation Totals $220 913 6601 $330 825 704 55 2,310 (924) $3,300 221 1,980 (660) $3,135 Liabilities and Shareholders' Equity Accounts Payable Other Current Liabilities Income Taxes Payable Notes Payable-long term Common Stock Retained earnings $330 -330 220 880 990 550 $3,300 $396 # 440 V 165 660 880 594 $3,135 Totals Pierce Manufacturing Corporation Income Statement For Year Ending December 31, Year 2 $7,700 3,696 $4,004 $1,980 Sales Cost of Goods Sold Gross Profit Expenses Administrative Expenses Insurance Expense Depreciation Income before income taxes Income tax expense Net income 110 264 2,354 $1,650 660 $990 Prepare the operating section of the statement of cash flows using the direct method and a using the indirect method