CRANE RETAILERS LTD. Statement of Financial Position December 31 Assets 2021 Cash $ 15,000 Accounts receivable 51,000 Inventory 172,000 Furniture 161,000 Accumulated depreciation (40,000) Total assets $ 359,000 2020 $ 10,000 40,000 143,000 78,000 (20,000) $ 251,000 Liabilities and Shareholders' Equity Accounts payable Bank loan payable (current portion) Bank loan payable (noncurrent portion) Common shares Retained earnings Total liabilities and shareholders' equity $ 51,000 18,000 82,000 63,000 145,000 $ 359,000 40,000 11,000 61,000 58,000 81,000 $ 251,000 Additional information regarding 2021: 1 2. 3 Net income was $64,000. Depreciation expense was $20,000, Payments made to the bank pertaining to the bank loan were $10,000. The company obtained some new bank loans during the year. Common shares were issued during the year and the company did not buy back any shares Debthe cars.did not collan furnitin 4. 5 Additional information regarding 2021: 1. 2 3. Net income was $64,000. Depreciation expense was $20,000. Payments made to the bank pertaining to the bank loan were $10,000. The company obtained some new bank loans during the year Common shares were issued during the year and the company did not buy back any shares. During the year, the company did not sell any furniture. 4 5. (a) Prepare a statement of cash flows using the indirect method for 2021 (Show amounts that decrease cash flow with either a - signes -15,000 or in parenthesis eg. (15,000) CRANE RETAILERS LTD. Statement of Cash Flows Adjustments to reconcile net income to S