Crane Inc. is a major retailer of road bicycles and a promoter of riding bicycles to work, both to save the environment and improve physical fitness. Financial statements for Crane are presented below.

STATEMENT OF FINANCIAL POSITION December 31
Current Assets			2021			2020
	Cash		55,400			20,150
	Accounts receivable		25,650			10,800
	Inventory		30,300			15,300
	Prepaid expenses		15,900			10,900
	Total current assets		127,250			57,150
Property and Equipment
	Property and equipment		161,000			151,000
	Less: Accumulated depreciation		78,900			70,000
	Net property and equipment		82,100			81,000
TOTAL ASSETS			$209,350			$138,150
Current Liabilities
	Accounts payable		11,250			15,150
	Salaries payable		10,900			8,900
	Interest payable		2,800			3,800
	Total current liabilities		24,950			27,850
	Loan payable		101,000			61,000
Total Liabilities			125,950			88,850
Shareholders Equity
	Common shares		10,000			350
	Retained earnings		73,400			48,950
	Total shareholders equity		83,400			49,300
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			$209,350			$138,150

INCOME STATEMENT For the Years Ended December 31
				2021		2020
Sales revenue				603,100		500,000
Cost of sales				409,000		350,000
Gross margin				194,100		150,000
Expenses
Salary expense				136,000		125,000
Interest expense				3,500		2,400
Other expenses				6,000		3,000
Depreciation expense				14,900		8,000
Total expenses				160,400		138,400
Operating income				33,700		11,600
Gain on disposal of equipment				1,900		-
Income tax expense				6,400		1,972
Net income				$29,200		$9,628

The following is additional information concerning Cranes transactions during the year ended December 31, 2021:

		Equipment costing $40,000 was purchased by paying $34,750 cash and issuing 100 shares.
		Equipment costing $30,000 that was purchased at the beginning of 2020 was sold at the end of 2021 for $25,900. Straight-line depreciation had been used with an expected asset life of 10 years and a residual value of $0.
		The other expenses relate to prepaid items.
		In order to supplement its cash, Crane borrowed an additional $40,000.
		Cash dividends of $4,750 were paid at the end of the fiscal year.
		Cost of sales includes $155,000 of direct labour costs.

Prepare a statement of cash flows for Crane for the year ended December 31, 2021, using the direct method. Crane follows ASPE. Include any note disclosure on non-cash financing and investing transactions. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Crane, Inc. Statement of Cash Flows

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Non-cash investing and financing activities

$