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Question: information from the statement of financial position and statement of...

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Information from the statement of financial position and statement of income are given below for Cheyenne Road Inc., a company following IFRS, for the year ended December 31. Cheyenne Road has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. Comparative Statement of Financial Position, at December 31 2017 2016 Cash Accounts receivable $95,200 $48,050 37,600 127,500 107,650 113,000 294,000 213,000 (49,100) (40,000) 5648,800 $479,300 91,500 Investments in land Property, plant, and equipment Accumulated depreciation 89,700 Accounts payable Accrued liabilities Notes payable Common shares Retained earnings 553,700 $48,880 19,630 75,000 256,100 206,000 129,790 12,100 141,000 185,900 $648,800 $479,300Statement of Income, year ended December 31, 2017 Revenues Sales Gain on sale of investment in land Gain on sale of equipment $296,170 5,000 3,790 304,960 Expenses Cost of goods sold Depreciation expense Operating expenses Income tax expense Interest expense $97,760 58,700 14,750 37,800 2,770 211,780 9180 Net income Additional information: 1. Investments in land were sold at a gain during 2017 2. Equipment costing $58,000 was sold for $10,450, resulting in a gain. 3. Common shares were issued in exchange for some equipment during the year. No other shares were issued 4. The remaining purchases of equipment were paid for in cashPrepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CHEYENNE ROAD INC. Statement of Cash Flows -Direct Method

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