The George Winston Company uses IFRS and had the following financial results for 2021: Statement of Financial Position (summary) December 31 increase 2021 2020 (decrease) Cash 19,875 49,875 30,000 Accounts Receivable 33,000 120,000 87,000 Merchandise Inventory (60,000) 315,000 375,000 Prepaid Expenses 3,000 13,500 10,500 Plant Assets 147,000 900,000 753,000 Accumulated Depreciation-Plant Assets 37,500 -225,000 -187,500 Accounts Payable (current) 12,000 184,500. 172,500 Salaries Payable (current) (37,125) 70,875 108,000 Interest Payable (current) Bonds Payable (non-current) Common Stock Retained Earnings 3,000 40,500 37,500 (45,000) 105,000 150,000 135,000 555,000 420,000 37,500 217,500 180,000 Income Statement For the Year Ended May 31, 2021 Sales Cost of Merchandise Sold Salary Expense Interest Expense (Note 1). Other Expenses (Note 2) Depreciation Expense Income Tax Expense Net Income Additional Information 1,882,875 1,083,000 378,150 112,500 12,225 37,500 64,500 195,000 1. Interest and dividends paid are reported as operating cash flows. 2. Other expenses relate to amounts reported initially as prepaid expenses. Required: a. Prepare the operating activities section of a statement of cash flows using the indirect method. b. Prepare the operating activities section of a statement of cash flows using the direct method