Crane Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 21,000 Accounts receivable 12,000 Inventory 16,800 Property, plant, and equipment 36,000 Accumulated depreciation (19,200 Total $66,600 2021 $ 12,000 8,400 12,000 46,800 (14,400) $64,800 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 11,400 4,200 10,200 10,800 30,000 $66,600 $ 9,000 4,800 19,800 8,400 22,800 $64,800 Crane Company Income Statement For the Year Ended December 31, 2022 Sales revenue $145,200 Cost of goods sold 105,000 Gross profit 40,200 Selling expenses $10,800 Administrative expenses 3,600 14,400 Income from operations 25,800 Interest expense 1,800 Income before income taxes 24,000 Income tax expense 4,800 Net income $ 19,200 Additional data: 1. 2. Depreciation expense was $10,500. Dividends declared and paid were $12,000. During the year equipment was sold for $5,100 cash. This equipment cost $10,800 originally and had accumulated depreciation of $5,700 at the time of sale. 3. Prepare a 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 Company Statement of Cash Flows Adjustments to reconcile net income to