The comparative statement of financial position of Credit Valley Inc. as at December 31, 2025, and a statement of comprehensive income for the 2025 fiscal year follow: Required: See the below requirements Credit Valley Inc Statement of Financial Position 31-Dec-25 31-Dec 2025 2024 Assets Cash $20,000 $38,000 Accounts receivable 72,000 65,000 Inventory 103,000 95,000 Prepaid expenses 8,500 6,000 FV-OCI Investments 47,000 45,000 Equipment 181,000 162,000 Accumulated depreciation (37,000) (25,000) Total $394,500 $386,000 Liabilities and Shareholders' Equity Accounts payable $115,300 $87,000 Income tax payable 2,000 3,000 Dividends payable 3,200 0 Long-term notes payable 84,000 119,000 Common shares 31,000 24,000 Retained earnings 148,000 144,000 Accumulated other comprehensive income 11,000 9,000 $394,500 $386,000 Credit Valley Inc Statement of Comprehensive Income For the year ended 12/31/2025 Net sales $415,000 Cost of goods sold 240,000 Gross profit 175,000 Operating expenses 120,000 Income from operations 55,000 Interest expense 9,000 Income before income tax 46,000 Income tax 6,000 Net income 40,000 Other comprehensive income Unrealized gain or loss-OCI 2,000 Comprehensive income $42,000 Additional information: a. Credit Valley follows ASPE. b. Operating expenses include $12,000 in depreciation expense. c. There were no disposals of equipment during the year. d. Common shares were issued for cash. e. During the year, Credit Valley acquired $15,000 of equipment in exchange for long-term notes payable. f. Assume unexplained changes in accounts stem from logical transactions. Required: 1. Prepare the SCF, using the indirect method, using the template provided under the Excel tab titled Q3 Req 1. Ensure that you link all numbers and use Excel for any calculations. 2. Prepare the operating section of the SCF only, using the direct method, using the template provided under the Excel tab titled Q3 Req 2. Ensure that you link all numbers and use Excel for any calculations