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Question 6 (25 marks) Given the following information for Cat Castle Incorporated prepare their statement of cash flows for December 31, 2017 using the indirect method. Also, Explain the process of preparing Indirect Cashflow and specify the differences with respect to ASPE and IFRS standards between Indirect and Direct Cash flow methods. 2017*2016* Cash375250 Accounts receivable8575 Interest receivable56 Inventory8095 Prepaid Expenses1810 Non-current - Note receivable90125 Property, plant and Equipment325330 (net of depreciation) Accounts payable3320 Accrued liabilities4556 Common Shares825755 Retained Earnings 10560 Net income50 Depreciation expense2 Gain on sale of property1.5 * in 000s Cat Castleluc. Statement of Cash Flows For Year Ended December 31, 2017 Cash Flow from Operating Activities: I I ' ' . YEYE A Styles O Fir Cat Castle Inc. Statement of Cash Flows For Year Ended December 31, 2017 Cash Flow from Operating Activities: Cash Flow from Investing Activities: Cash Flow from Financing Activities: 1 Cash Flow from Financing Activities: Net Increase in Cash: Cash Balance: January 1, 2017 Cash Balance: December 31, 2018 Explain the process of preparing Indirect Cashflow and specify the differences with respect to ASPE and IFRS standards between Indirect and Direct Cashflow methods