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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 Cashflow methods. 2017*2016* 7 Cash375250 Accounts receivable8575 Interest receivable 56 Inventory8095 Prepaid Expenses 4810 Non-current - Note receivable90125 Property, plant and Equipment325330 inet of depreciation) e Opini Depp ou A A NE Property, plant and Equipment2330 net of depreciation) Accounts payable1320 Acored liabilities 4556 Common Sharex825755 Retained amnings10560 Net income 50 Depreciation expensie2 Gain on sale of property 1.5 in 000 Cat Castleluc. Statement of Cash Flows For Year Ended December 31, 2017 Cash Flow from Operating Activities: n new you to do Cash Flow from Financing Activities: Iede Net Increase in Cash Cash Balance: January 1, 2017 Kash 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. Page Break e 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 Cashflow methods. 2017*2016* 7 Cash375250 Accounts receivable8575 Interest receivable 56 Inventory8095 Prepaid Expenses 4810 Non-current - Note receivable90125 Property, plant and Equipment325330 inet of depreciation) e Opini Depp ou A A NE Property, plant and Equipment2330 net of depreciation) Accounts payable1320 Acored liabilities 4556 Common Sharex825755 Retained amnings10560 Net income 50 Depreciation expensie2 Gain on sale of property 1.5 in 000 Cat Castleluc. Statement of Cash Flows For Year Ended December 31, 2017 Cash Flow from Operating Activities: n new you to do Cash Flow from Financing Activities: Iede Net Increase in Cash Cash Balance: January 1, 2017 Kash 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. Page Break e