Hello,

I am driving resolve this question -

Question 2: (35 Marks) The income statement for Longway Inc., a publicly traded company following IFRS, is presented here: Longway Inc. Income Statement Year Ended December 31, 2018 Sales $5,200,000 Cost of Goods Sold $3,300,000 Gross Profit $1,900,000 Operating Expenses $1,100,000 Profit from Operations $800,000 Interest Expense $125,000 Profit before Income Taxes $675,000 Income Taxes $300,000 Profit $375,000 Additional Information: 1. Operating expenses include $52,000 of depreciation expense and a $40,000 impairment loss on property, plant and equipment. 2. Accounts Receivable increased by $110,000 3. Merchandise Inventory decreased by $52,000 4. Prepaid expenses related to operating expenses decreased by $32,000 5. Accounts Payable to suppliers of merchandise increased by $125,000 6. Accrued liabilities related to operating expenses increased by $44,000 7. Interest Payable increased by $58,000 8. Income tax payable decreased by $40,000 Required: Prepare the operating activities section of the statement of cash flows using the Indirect Method