Can build Materials Ltd. is a family-run do-it-yourself building materials company located on Pelee Island, Ontario. The company produces high-quality building materials for do-it-yourselfers. The company’s bookkeeper has gone on holiday and the company has brought you in to help it prepare its monthly financial statement package, which the bank requires as part of the terms of the loan financing. You have correctly completed the statement of financial position and the statement of income statement. You only have the statement of cash flows left to prepare based on the following information:Additional information:
During fiscal year 2024, Canbuild sold a piece of its equipment. The equipment sold had originally cost $153,000 and was sold for $25,000.

Required 

a. Using the information above, prepare Canbuild’s statement of cash flows for the year ended December 31, 2024, using the indirect method. 

b. Determine the cash flows from operating activities using the direct method.

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Assets Cash Accounts receivable (net) Inventory Total current assets Equipment Accumulated depreciation Total assets Liabilities and shareholders' equity Current liabilities: Accounts payable Dividends payable Total current liabilities Long-term loan payable Total liabilities Sales revenue Cost of goods sold Gross profit CANBUILD MATERIALS LTD. Comparative Statement of Financial Position Dec. 31, 2024 Common shares Retained earnings Total liabilities and shareholders' equity Expenses Vages expense Net income Administrative expenses Depreciation expense Advertising expense Interest expense Total expenses $ 20,000 189,000 167,000 376,000 180,000 (140,000) $416,000 CANBUILD MATERIALS LTD. Comparative Statement of Financial Position. $ 70,000 29,000 99,000 107,000 206,000 110,000 100,000 $416,000 CANBUILD MATERIALS LTD. Statement of Income For the year ended December 31, 2024 $221,000 46,000 98,000 45,000 12,000 Dec. 31, 2023 $ 50,000 120,000 187,000 357,000 195,000 (170,000) $382,000 $ 68,000 24,000 92,000 107,000 199,000 110,000 73,000 $382,000 $1,245,000 655,000 590,000 422,000 $ 168,000