Presented below is the comparative balance sheet for Spicer Inc., a private company reporting under ASPE, at December 31 , 2024 and 2023 : Additional information: 1. Cash dividends of $15,000 were declared. 2. A long-term investment was acquired for cash at a cost of $101,500. 3. Depreciation expense is included in the operating expenses. 4. The company issued 10,500 common shares for cash on March 2, 2024. The fair value of the shares was $10 per share. The proceeds were used to purchase additional equipment. 5. Equipment that originally cost $30,000 was sold during the year for cash. The equipment had a carrying value of $9,000 at the time of sale. 6. The company issued a note payable for $28,000 and repaid $3,000 by year end. 7. All purchases of inventory are on credit. 8. Accounts payable is used only to record purchases of inventory. Instructions a. Prepare a cash flow statement for the year using the indirect method. b. Prepare a cash flow statement for the year using the direct method