Nomad Adventures Ltd. (NAL) is a Canadian manufacturer of Class B motorhomes. The company has been experiencing exponential growth and is preparing to raise additional capital to fund its growth. As the vice-president of finance, you are tasked with preparing the statement of cash flows that is required as part of the loan application or a public offering. You have the statement of financial position and the statement of income to help you prepare the statement of cash flows. In addition, you also have the following information: 

1. In October, NAL acquired land with a value of $225,000 by issuing common shares with an equivalent value. The land is to be used as a site for a new manufacturing facility NAL hopes to construct in the next year. 

2. In February, NAL sold equipment for $9,900 cash. The equipment had originally cost $225,000 and had a net carrying amount of $27,000 at the time of sale. 

3. During the year, the company borrowed $23,100 by increasing its bank loan payable.

Required 

a. Using the information above, prepare the statement of cash flows for Nomad Adventures Ltd. for the year ended March 31, 2024, using the indirect method. 

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

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Assets Current assets: Cash Accounts receivable Inventory Total current assets NOMAD ADVENTURES LTD. Statement of Financial Position As at March 31 2024 $ 120,000 145,000 450,000 715,000 2023 $ 54,000 102,000 340,000 496,000