Crane Ltd., a private company reporting under ASPE, reported the following for the years ended May 31, 2021, and 2020. CRANE LTD. Balance Sheet May 31 Assets 2021 2020 Cash $26,300 $47,750 Accounts receivable Inventory 90,050 79,750 188,000 160,750 Prepaid expenses 6,300 7,800 Land 140,750 81,500 Equipment 323,000 203,000 Accumulated depreciation (81,200) (40,750) Total assets $693,200 $539,800 Liabilities and Shareholders' Equity Accounts payable $43,450 $40,750 Dividends payable 7,800 6,300 Income taxes payable Mortgage payable 3,500 7,300 135,000 80,750 Common shares 220,500 166,750 Retained earnings 282.950 237,950 Total liabilities and shareholders' equity $693,200 $539,800 Profit for 2021 was $108,750. Common shares were issued for $53,750. Additional Information: 1. 2. 3. 4. 5. Land with a cost of $53,750 was sold at a loss of $20,300. Purchased land with a cost of $113,000 with a $58,750 down payment and financed the remainder with a mortgage note payable. No equipment was sold during 2021. Prepare a cash flow statement for the year using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) CRANE LTD. Cash Flow Statement - Indirect Method Operating Activities CRANE LTD. Cash Flow Statement - Indirect Method Year Ended May 31, 2021 Profit Adjustments to reconcile profit to Net Cash Provided by Operating Activities Depreciation Expense Loss on Sale of Land Increase in Accounts Receivable Increase in inventory Decrease In Prepaid Expenses Decrease in Income Taxes Payable Increase in Accounts Payable Net Cash Provided by Operating Activities V Net Cash Provided by investing Activities Sale of Land Purchase of Land Purchase of Equipment Net Cash Provided by investing Activities Net Cash Provided by Financing Activities Sale of Common Shares Payments of Cash Dividends Net Cash Provided by Financing Activities Net Increase in Cash Cash, May 31, 2021 Cash, June 1, 2020 $ $ Note X: Land with as cost of $ was purchased by paying $ cash and issuing a mortgage note payable for $