Crane Inc., a greeting card company, had the following statements prepared as of December 31, 2017.

CRANE INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016
		12/31/17			12/31/16
Cash		$6,000			$6,900
Accounts receivable		62,500			50,900
Short-term debt investments (available-for-sale)		35,200			17,900
Inventory		40,300			59,500
Prepaid rent		4,900			4,100
Equipment		153,100			129,600
Accumulated depreciationequipment		(35,200	)		(24,700	)
Copyrights		45,600			50,500
Total assets		$312,400			$294,700
Accounts payable		$45,500			$40,000
Income taxes payable		4,000			6,100
Salaries and wages payable		8,000			3,900
Short-term loans payable		8,000			9,900
Long-term loans payable		59,400			68,800
Common stock, $10 par		100,000			100,000
Contributed capital, common stock		30,000			30,000
Retained earnings		57,500			36,000
Total liabilities & stockholders equity		$312,400			$294,700

CRANE INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2017
Sales revenue				$337,300
Cost of goods sold				174,000
Gross profit				163,300
Operating expenses				119,100
Operating income				44,200
Interest expense		$11,600
Gain on sale of equipment		1,900		9,700
Income before tax				34,500
Income tax expense				6,900
Net income				$27,600

Additional information:

1.		Dividends in the amount of $6,100 were declared and paid during 2017.
2.		Depreciation expense and amortization expense are included in operating expenses.
3.		No unrealized gains or losses have occurred on the investments during the year.
4.		Equipment that had a cost of $20,000 and was 70% depreciated was sold during 2017.

Prepare a statement of cash flows using the direct method.