Process Cash Inc. provides cash clearing services to a variety of small businesses. Since its rapid growth since COVID, Process Cash Inc. has encountered some cash management struggles. Below is the statement of financial position, and the income statement for the current year, along with some information to assist you in analyzing the changes in the statement of financial position accounts. Process Cash Inc. Income Statement for the Year Ended December 31, 2020 Sales $900 000 Expenses Supplies $100 000 Adv. Expenso 252 000 Wages 300 000 Dep. Expense 136 500 Income Tax Expense. 15 000 Interest Expense 44 000 Total Expenses 847 500 Net Income $ 52 500 Additional Information: 1. Sales of $900,000 include a gain on disposal of $1,000 on an old van. The van had an original cost of $25,000 and was 50% depreciated. 2. Cash dividends were declared and paid during the year. (Disregard the fact that the company is in a deficit position.) 3. Common shares were issued to finance renovations of the building with a fair value of $250,000. Additional common shares were issued for cash. Process Cash Inc. Statement of Financial Position for the Year Ended December 31, 2020 2020 2019 Supplies Inventory Equipment Building Vehicles Acc. Depreciation Future Income tax asset Total Assets: $ 5 000 500 000 750 000 190 000 (169 000) 65 000 $ 1 341 000 $ 2 000 100 000 500 000 50 000 (45000) 80 000 $ 687 000 Bank overdraft $ 223 700 Accts Payable 69 800 LT Noles Payable 700 000 Common Shares 500 000 Retained Earnings (152 500) Total liabilities and S/E: $ 1 341 000 $ 352 000 35 000 400 000 100 000 (200 000) $ 687 000 Required: A. (10 marks) Prepare the operating activities section of the statement of cash flows using the indirect method for the year ended December 31, 2020. B. (10 marks) Brietly explain the procedure used to prepare the operating section of the cash flow statement using the indirect method and the direct method, and the smlarites and dfferences between the methods. C. (5 marks) Ident fy differences between IFRS and ASPE related to the statement of cash flows