Crane Company's junior controller prepared the following statement of cash flows for 2023: CRANE COMPANY INC....

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Crane Company's junior controller prepared the following statement of cash flows for 2023: CRANE COMPANY INC. Statement of Cash Flows Year Ended December 31, 2023 Operating activities Net income Adjustments to reconcile net income to net cash provided (used) by operating activities $78,000 Depreciation expense $8,400 Loss on disposal of equipment (1,245) Increase in accounts receivable (5,000) Decrease in inventory 1,685 Increase in accounts payable (980) Increase in income tax payable (7,750) (4,890) Net cash provided by operating activities 73,110 Investing activities Purchase of equipment (56,840) Proceeds from disposal of equipment 6,950 Net cash used by investing activities (49,890) Financing activities Repayment of mortgage payable (35,580) Payment of cash dividend 7,075 Net cash used by financing activities (28,505) Net decrease in cash (5.285) Cash, January 1 Cash, December 31 4,585 $(700) The CFO is reviewing the work completed by the junior controller and thinks the statement is incorrect. Prepare a corrected statement of cash flows. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).) Crane Company's junior controller prepared the following statement of cash flows for 2023: CRANE COMPANY INC. Statement of Cash Flows Year Ended December 31, 2023 Operating activities Net income Adjustments to reconcile net income to net cash provided (used) by operating activities $78,000 Depreciation expense $8,400 Loss on disposal of equipment (1,245) Increase in accounts receivable (5,000) Decrease in inventory 1,685 Increase in accounts payable (980) Increase in income tax payable (7,750) (4,890) Net cash provided by operating activities 73,110 Investing activities Purchase of equipment (56,840) Proceeds from disposal of equipment 6,950 Net cash used by investing activities (49,890) Financing activities Repayment of mortgage payable (35,580) Payment of cash dividend 7,075 Net cash used by financing activities (28,505) Net decrease in cash (5.285) Cash, January 1 Cash, December 31 4,585 $(700) The CFO is reviewing the work completed by the junior controller and thinks the statement is incorrect. Prepare a corrected statement of cash flows. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).)