Condensed financial data of Crane Company for 2020 and 2019 are presented below. CRANE COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $ 1,830 $ 1,180 Receivables 1,710 1,320 Inventory 1,590 1,920 Plant assets 1,890 1,710 Accumulated depreciation (1,220) (1,190 ) Long-term investments (held-to-maturity) 1,320 1,440 $ 7,120 $ 6,380 Accounts payable $ 1,190 $ 890 Accounts payable $ 1,190 $ 890 Accrued liabilities 210 260 Bonds payable 1,400 1,580 Common stock 1,940 1,660 Retained earnings 2,380 1,990 $ 7,120 $ 6,380 CRANE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $ 6,720 Cost of goods sold 4,680 Gross margin 2,040 Selling and administrative expenses 920 Cost of goods sold 4,680 Gross margin 2,040 Selling and administrative expenses 920 Income from operations 1,120 Other revenues and gains Gain on sale of investments 80 Income before tax 1,200 Income tax expense 550 Net income 650 Cash dividends 260 Income retained in business $ 390 Additional information: During the year, $ 70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CRANE COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 (Indirect Method) Cash Flows from Operating Activities Net Income $ 860 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ 50 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ 50 Gain on Sale of Investments (80) Increase in Accounts Receivable (450) Decrease in Inventory 350 Increase in Accounts Payable 340 Decrease in Accrued Liabilities (60) 150 Net Cash Provided by Operating Activities 1010 150 Net Cash Provided by Operating Activities 1010 Cash Flows from Investing Activities Purchase of Plant Assets (150) Sale of Investments 180 Net Cash Provided by Investing Activities 30 Cash Flows from Financing Activities Redemption of Bonds Payable (190) Payment of Cash Dividends 1260) Payment of Cash Dividenas (200) Issuance of Capital Stock 70 Net Cash Used by Financing Activities (380) Net Increase in Cash 660 Cash at Beginning of Period 1120 Cash at End of Period $ 1780 Noncash Investing and Financing Activities Issuance of Common Stock for Plant Assets v $ 120