$695,400 $551,300 $70,500 6,500 Liabilities and Shareholders' Equity Accounts payable Property tax payable Refund liability Bank loan payable-current portion Bank loan payable-noncurrent portion Common shares Retained earnings Total liabilities and shareholders' equity $93,000 10.800 1.000 50.000 95.600. 700 151.500 35.600 180.000 200.000 245.000 106.500 $695.400 $551.300 CRANE, INC. Statement of Income Year Ended December 31, 2021 Sales $512,900 186,900 326.000 116.430 209.570. Cost of goods sold Gross profit Operating expenses Income from operations Other income and expenses Unrealized gain on trading investments Interest expense Income before income tax $10.500 (4.760 ) 5,740 215.310 43.000 $172.310 Income tax expense Net income 740 INELITICUlie PITZ310 Additional information regarding 2021: 1. 2. 3. 5. Prepaid expenses and property tax payable relate to operating expenses. New equipment costing $86,000 was purchased for $21.500 cash and a $64,500 long-term bank loan payable. Old equipment having an original cost of $63.000 was sold for $1,700. Accounts payable relate to inventory suppliers. Some of the bank loan was repaid during the year. A dividend was paid during the year. Operating expenses include $46,300 of depreciation expense and a $11.400 loss on disposal of equipment. Common shares were issued for $41.000 cash during the year and some common shares were bought back and retired at the cost they were originally issued at. 6. 8. CNANCING. Statement of Cash Flows December 31, 2021 Month Ended December 31, 2021 Year Ended December 31, 2021 $ Adjustments to reconcile net income to ement of Cash FlowS $ Cash, January 1 Cash, December 31 Cash flows from financing activities Cash flows from investing activities Cash flows from operating activities Net cash provided by financing activities Net cash provided by investing activities Net cash provided by operating activities Net cash used by financing activities Net cash used by investing activities Net cash used by operating activities Net decrease in cash Net increase in cash $ K Note X to the Statement of Cash Flows: During the year, the company purchased equipment costing $ by paying $21.500 cash and issuing a 564,500 bank loan payable. e Textbook and Media used Submit