Crane Inc. is a private company reporting under ASPE. The following selected account balances were reported in Crane Inc's financial statements at year end: 2021 2020 Cash $ 18,075 $8,050 Buildings 826,500 726,000 Equipment 388,000 337,800 Land 86,000 45,750 Accumulated depreciation-buildings Accumulated depreciation-equipment 300,500 283,250 116,000 86,750 Dividends payable Mortgage payable 5,800 2,250 541,400 581,400 Notes payable 335,500 304,500 Common shares: 5,310 shares in 2021; 3,910 in 2020 534,500 405,500 Retained earnings 192,000 93,000 Cash dividends declared 20,500 6,400 Depreciation expense-buildings 22,250 39,550 Depreciation expense-equipment Gain on sale of equipment Loss on sale of building 47,055 25,200 810 7,700 Interest expense 47,350 43,250 SCORSERE LEONARDO DICAPRO RIZA AE Y MCFANAND EMMA TILUNG KOSKOPF JORD Additional information: 1. Purchased $70,500 of equipment for $8,200 cash and a note payable for the remainder. 2. Equipment was also sold during the year. 3. Sold a building that originally cost $45,500. Used cash to purchase land and a building. Mortgage payments and notes payable payments included interest and principal amounts. 4. 5. 6. Common shares were issued for cash. Determine the amount of any cash inflows or outflows related to investing activities in 2021. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a - sign eg. -15,000 or in parenthesis eg. (15,000)) CRANE INC. Cash Flow Statement (Partial) Year Ended December 31, 2021 Investing Activities Sale of Equipment 21110 Purchase of Equipment -8200 Sale of Building 37800 Purchase of Building -146000 Purchase of Land 40250 Net Cash Used by Investing Activities -135540 (b) What was the amount of profit reported by Crane Inc. in 2021? Amount of profit $ Crane Inc. is a private company reporting under ASPE. The following selected account balances were reported in Crane Inc's financial statements at year end: 2021 2020 Cash $ 18,075 $8,050 Buildings 826,500 726,000 Equipment 388,000 337,800 Land 86,000 45,750 Accumulated depreciation-buildings Accumulated depreciation-equipment 300,500 283,250 116,000 86,750 Dividends payable Mortgage payable 5,800 2,250 541,400 581,400 Notes payable 335,500 304,500 Common shares: 5,310 shares in 2021; 3,910 in 2020 534,500 405,500 Retained earnings 192,000 93,000 Cash dividends declared 20,500 6,400 Depreciation expense-buildings 22,250 39,550 Depreciation expense-equipment Gain on sale of equipment Loss on sale of building 47,055 25,200 810 7,700 Interest expense 47,350 43,250 SCORSERE LEONARDO DICAPRO RIZA AE Y MCFANAND EMMA TILUNG KOSKOPF JORD Additional information: 1. Purchased $70,500 of equipment for $8,200 cash and a note payable for the remainder. 2. Equipment was also sold during the year. 3. Sold a building that originally cost $45,500. Used cash to purchase land and a building. Mortgage payments and notes payable payments included interest and principal amounts. 4. 5. 6. Common shares were issued for cash. Determine the amount of any cash inflows or outflows related to investing activities in 2021. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a - sign eg. -15,000 or in parenthesis eg. (15,000)) CRANE INC. Cash Flow Statement (Partial) Year Ended December 31, 2021 Investing Activities Sale of Equipment 21110 Purchase of Equipment -8200 Sale of Building 37800 Purchase of Building -146000 Purchase of Land 40250 Net Cash Used by Investing Activities -135540 (b) What was the amount of profit reported by Crane Inc. in 2021? Amount of profit $ Crane Inc. is a private company reporting under ASPE. The following selected account balances were reported in Crane Inc's financial statements at year end: 2021 2020 Cash $ 18,075 $8,050 Buildings 826,500 726,000 Equipment 388,000 337,800 Land 86,000 45,750 Accumulated depreciation-buildings Accumulated depreciation-equipment 300,500 283,250 116,000 86,750 Dividends payable Mortgage payable 5,800 2,250 541,400 581,400 Notes payable 335,500 304,500 Common shares: 5,310 shares in 2021; 3,910 in 2020 534,500 405,500 Retained earnings 192,000 93,000 Cash dividends declared 20,500 6,400 Depreciation expense-buildings 22,250 39,550 Depreciation expense-equipment Gain on sale of equipment Loss on sale of building 47,055 25,200 810 7,700 Interest expense 47,350 43,250 SCORSERE LEONARDO DICAPRO RIZA AE Y MCFANAND EMMA TILUNG KOSKOPF JORD Additional information: 1. Purchased $70,500 of equipment for $8,200 cash and a note payable for the remainder. 2. Equipment was also sold during the year. 3. Sold a building that originally cost $45,500. Used cash to purchase land and a building. Mortgage payments and notes payable payments included interest and principal amounts. 4. 5. 6. Common shares were issued for cash. Determine the amount of any cash inflows or outflows related to investing activities in 2021. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a - sign eg. -15,000 or in parenthesis eg. (15,000)) CRANE INC. Cash Flow Statement (Partial) Year Ended December 31, 2021 Investing Activities Sale of Equipment 21110 Purchase of Equipment -8200 Sale of Building 37800 Purchase of Building -146000 Purchase of Land 40250 Net Cash Used by Investing Activities -135540 (b) What was the amount of profit reported by Crane Inc. in 2021? Amount of profit $ Crane Inc. is a private company reporting under ASPE. The following selected account balances were reported in Crane Inc's financial statements at year end: 2021 2020 Cash $ 18,075 $8,050 Buildings 826,500 726,000 Equipment 388,000 337,800 Land 86,000 45,750 Accumulated depreciation-buildings Accumulated depreciation-equipment 300,500 283,250 116,000 86,750 Dividends payable Mortgage payable 5,800 2,250 541,400 581,400 Notes payable 335,500 304,500 Common shares: 5,310 shares in 2021; 3,910 in 2020 534,500 405,500 Retained earnings 192,000 93,000 Cash dividends declared 20,500 6,400 Depreciation expense-buildings 22,250 39,550 Depreciation expense-equipment Gain on sale of equipment Loss on sale of building 47,055 25,200 810 7,700 Interest expense 47,350 43,250 SCORSERE LEONARDO DICAPRO RIZA AE Y MCFANAND EMMA TILUNG KOSKOPF JORD Additional information: 1. Purchased $70,500 of equipment for $8,200 cash and a note payable for the remainder. 2. Equipment was also sold during the year. 3. Sold a building that originally cost $45,500. Used cash to purchase land and a building. Mortgage payments and notes payable payments included interest and principal amounts. 4. 5. 6. Common shares were issued for cash. Determine the amount of any cash inflows or outflows related to investing activities in 2021. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a - sign eg. -15,000 or in parenthesis eg. (15,000)) CRANE INC. Cash Flow Statement (Partial) Year Ended December 31, 2021 Investing Activities Sale of Equipment 21110 Purchase of Equipment -8200 Sale of Building 37800 Purchase of Building -146000 Purchase of Land 40250 Net Cash Used by Investing Activities -135540 (b) What was the amount of profit reported by Crane Inc. in 2021? Amount of profit $