Azure Ltd. had the following 2017 income statement data:

The following accounts increased during 2017 by the amounts shown: Accounts Receivable, $17,000; Inventory, $11,000; Accounts Payable (relating to inventory), $13,000; Taxes Payable $2,000; and Mortgage Payable, $40,000.
(a) Prepare the cash flows from operating activities section of Azure's 2017 statement of cash flows using the direct method and following IFRS.
(b) How would the disclosure requirements differ under ASPE?

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Sales Cost of goods sold Gross profit Operating expenses (includes depreciation of $21,000) Income before income taxes Income taxes Net income $205,000 120,000 85,000 50,000 35,000 15,000 $ 20,000