Whiskey Industries Ltd., a Nanaimo, British Columbia–based company, has a December 31 year end. The company’s comparative statement of financial position and its statement of income for the most recent fiscal year are presented here, along with some additional information:
1. During the year, Whiskey Industries sold, for $500 cash, equipment that had an original cost of $1,000 and a net carrying amount of $200. 

2. Whiskey Industries borrowed an additional $8,000 by issuing notes payable in 2024. 

3. During the year, the company purchased a piece of land for a future manufacturing site for $200,000. The land was purchased with no money down and the company entered into a mortgage payable for the full amount.

Required 

a. Using the information above, prepare the statement of cash flows for Whiskey Industries Ltd. 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 Current assets Cash Accounts receivable Prepaid rent Inventory Total current assets Manufacturing equipment Accumulated depreciation, manufacturing equipment Land Total assets WHISKEY INDUSTRIES LTD. Statement of Financial Position As at December 31, 2024 Liabilities and shareholders' equity Current liabilities Accounts payable Wages payable Dividends payable Total current liabilities Mortgage payable Notes payable Common shares Retained earnings Total liabilities and shareholders' equity 2024 $ 6,050 10,000 600 40,000 56,650 159,000 (69,200) 200,000 $346,450 $ 11,000 600 470 12,070 200,000 46,000 29,000 59,380 $346,450 2023 $ 19,500 20,000 500 30,000 70,000 100,000 (50,000) 0 $120,000 $ 6,000 400 300 6,700 0 40,000 25,000 48,300 $120,000