Assets: Cash Accounts receivable Inventory Land Buildings Crane Ltd. Statement of Financial Position December 31 Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity 2021 2020 $ 50,000 $0 29,000 41,000 33.000 58,000 100,000 112,000 518.000 260.000 (63.000) (98,000 69,000 36,000 (16,000) (12,000) $720,000 $397,000 Total assets Liabilities and Shareholders' Equity $720,000 $397,000 Bank overdraft $0 $12,000 Accounts payable $52,000 $30,000 Income tax payable 3,000 2,000 Interest payable 4,000 5,000 Dividends payable 3,000 1,000 Bank loan payable-current portion 31.000 4 22,000 Bank loan payable-non-current portion 371,000 201,000 Common shares 199,000 90,000 Retained earnings 57,000 34,000 Total liabilities and shareholders' equity $720,000 $397,000 5.75730 Question T OF T Total liabilities and shareholders' equity $720,000 $397,000 Additional information regarding 2021: 3.75/30 E 1. Net income was $60,000. 2. A gain of $8,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. 3. A gain on the disposal of $36,000 was recorded when an old building was sold for $52.000 cash. A new building was purchased for $362,000 and depreciation expense on buildings for the year was $53,000. 4. Equipment costing $62.000 was purchased while loss of $9,000 was recorded on equipment that was sold for $5.000. The equipment that was sold late in the year had accumulated depreciation of $15,000. 5. The company took out $213.000 of new bank loans during the year. 6. Dividends were declared and paid and no common shares were bought back by the company. (a) Prepare the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg-15.000 or in 7C Cloudy AD equipment that was sold late in the year had accumulated depreciation of $15,000. 5. The company took out $213,000 of new bank loans during the year. 6. Dividends were declared and paid and no common shares were bought back by the company, (a) Prepare the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a sign eg.-15,000 or in parenthesis eg. (15,000).) CRANE LTD. Statement of Cash Flows-Indirect Method for activities Year Ended December 31.2021