Crane Ltd. is a private company reporting under ASPE. Its income statement and changes in current assets and current liabilities for the year are reported below: CRANE LTD. Income Statement Year Ended November 30, 2021 Sales $711,000 Cost of goods sold 367,500 Gross profit 343,500 Operating expenses $232,500 Depreciation expense 37,500 Gain on sale of equipment (7,500) 262,500 Profit before income tax 81,000 Income tax expense 22,500 Profit $58,500 Changes in current assets and current liabilities were as follows: Activate Windows CS Accounts receivable $27.000 decrease 14.250 increase Inventory 0 https://wasapi.wiley.com/was-assessment-player/timed/assessments/4617fedea Accounta ble 2000 acre 25% time remaining (37 minutes) 32:41 Hide Prepaid expenses 1,500 increase 9,000 decrease Accounts payable Dividends payable 3.750 decrease Income taxes payable 3,000 decrease Prepare the operating activities section of the cash flow statement using the indirect method. (Show amounts that decrease cash flow with either a signes -15,000 or in parenthesis (15,000 CRANE LTD. Cash Flow Statement (Partial) Adjustments to reconcile profit to SEED 25% time remaining (37 minutes) 31:51 Hide Timer Cash at Beginning of Period Cash at End of Period Financing Activities Investing Activities Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Decrease in Cash Net Increase in Cash Activate Windows 25% time remaining (37 minutes) 31:09 Hide Timer Depreciation Expense Increase in Accounts Payable Payments for Taxes Profit Increase in Inventory Gain on Sale of Equipment Loss on Sale of Equipment Decrease in Accounts Payable Collections from Customers Proceeds from Sale of Equipment Payments for Operating Expenses Decrease in Inventory increase in Accounts Receivable Decrease in Income Taxes Payable Payments to Suppliers Increase in Prepaid Expenses Loss Increase in Income Taxes Payable Decrease in Prepaid Expenses Activate Windows Adjustments to reconcile profit to Cash at Beginning of Period Cash at End of Penod Financing Activities Investing Activities Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by investing Activities Net Cash Provided by Operating Activities Net Decrease in Cash Net increase in Cash Activate Wit Crane Ltd. is a private company reporting under ASPE. Its income statement and changes in current assets and current liabilities for the year are reported below: CRANE LTD. Income Statement Year Ended November 30, 2021 Sales $711,000 Cost of goods sold 367,500 Gross profit 343,500 Operating expenses $232,500 Depreciation expense 37,500 Gain on sale of equipment (7,500) 262,500 Profit before income tax 81,000 Income tax expense 22,500 Profit $58,500 Changes in current assets and current liabilities were as follows: Activate Windows CS Accounts receivable $27.000 decrease 14.250 increase Inventory 0 https://wasapi.wiley.com/was-assessment-player/timed/assessments/4617fedea Accounta ble 2000 acre 25% time remaining (37 minutes) 32:41 Hide Prepaid expenses 1,500 increase 9,000 decrease Accounts payable Dividends payable 3.750 decrease Income taxes payable 3,000 decrease Prepare the operating activities section of the cash flow statement using the indirect method. (Show amounts that decrease cash flow with either a signes -15,000 or in parenthesis (15,000 CRANE LTD. Cash Flow Statement (Partial) Adjustments to reconcile profit to SEED 25% time remaining (37 minutes) 31:51 Hide Timer Cash at Beginning of Period Cash at End of Period Financing Activities Investing Activities Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Decrease in Cash Net Increase in Cash Activate Windows 25% time remaining (37 minutes) 31:09 Hide Timer Depreciation Expense Increase in Accounts Payable Payments for Taxes Profit Increase in Inventory Gain on Sale of Equipment Loss on Sale of Equipment Decrease in Accounts Payable Collections from Customers Proceeds from Sale of Equipment Payments for Operating Expenses Decrease in Inventory increase in Accounts Receivable Decrease in Income Taxes Payable Payments to Suppliers Increase in Prepaid Expenses Loss Increase in Income Taxes Payable Decrease in Prepaid Expenses Activate Windows Adjustments to reconcile profit to Cash at Beginning of Period Cash at End of Penod Financing Activities Investing Activities Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by investing Activities Net Cash Provided by Operating Activities Net Decrease in Cash Net increase in Cash Activate Wit