2019 77,600 25.200 45,600 2.900 151,300 CRANE'S CUSTOM CLOTHING STATEMENT OF FINANCIAL POSITION December 31 Current Assets 2020 Cash 155,000 Accounts receivable 28.000 Inventory 67,000 Prepaid expenses 10,300 Total current assets 260,300 Property and equipment Property and equipment 100,000 Less: Accumulated depreciation 57,600 Net property and equipment 42,400 TOTAL ASSETS $302.700 Current liabilities Accounts payable 25,300 Salaries payable 9,100 Interest payable 4,800 Total current liabilities 39,200 Loan payable 118,000 Total liabilities 157.200 Shareholders' equity Common shares 20.500 Retained earnings 125,000 Total shareholders' equity 145,500 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $302,700 139,000 75.400 63,600 $214,900 32.600 4,800 7,700 45,100 87,000 132.100 1.600 81,200 82,800 $214.900 CRANE'S CUSTOM CLOTHING INCOME STATEMENT For the Years Ended December 31 2020 2019 Sales revenue 866.000 721,000 Cost of sales 644,000 528.000 Gross margin 222.000 193,000 Expenses Salary expense 120.000 107.000 Interest expense 4,900 2,100 8,400 6.100 Depreciation expense 11,000 11,600 144.300 126,800 Operating income 77,700 66,200 Loss disposal of equipment 3,200 1,000 Income tax expense 19,425 17,300 Net income 55,075 47.900 Other expenses Total expenses Following is additional information concerning CCC's transactions during the year ended December 31, 2020: . Equipment costing $33,000 was purchased by paying $24,000 cash and issuing 400 common shares. Equipment costing $72,000 that was purchased at the beginning of 2019 was sold at the end of 2020 for $40,000. Straight- line depreciation had been used with an expected asset life of 5 years and a residual value of $0. The "other expenses relate to prepaid items. In order to supplement its cash, CCC increased its bank loan by $31,000. Cash dividends of $11,275 were paid at the end of the fiscal year. Cost of sales includes $184,000 of direct labour costs. . Prepare a statement of cash flows for CCC for the year ended December 31, 2020, using the indirect method. CCC follows ASPE. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CRANE'S CUSTOM CLOTHING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2020 V Cash Flows from Operating Activities Net Income/(Loss) $ 55075 Add/(Deduct) non-cash items: Depreciation Expense > $