Current Attempt in Progress The income statement of Crane Company is presented here. CRANE COMPANY Income Statement For the Year Ended November 30, 2022 Sales revenue $7,463,500 Cost of goods sold Beginning inventory $1,930,200 Purchases 4,481,800 Goods available for sale 6,412,000 Ending inventory 1,568,500 Total cost of goods sold 4.843,500 Gross profit 2,620,000 Operating expenses Selling expenses 445,000 Administrative expenses 708,000 1,153,000 Net income $1,467,000 Additional information: 1. Accounts receivable decreased $382,000 during the year, and inventory decreased $361,700. 2. Prepaid expenses increased $183,900 during the year. 3. Accounts payable to suppliers of inventory decreased $331,300 during the year. 4. Accrued expenses payable decreased $108,900 during the year. 5. Administrative expenses include depreciation expense of $91,400. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Crane Company, 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 COMPANY Statement of Cash Flows (Partial) - Indirect Method V Adjustments to reconcile net income to V V V V V V $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit AnswerCondensed financial data of Vaughn Inc. follow. VAUGHN INC. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $81,700 $49,300 Accounts receivable 87,900 38,000 Inventory 111,200 102,400 Prepaid expenses 29,300 27,900 Long-term investments 139,100 113,800 Plant assets 285,800 242,900 Accumulated depreciation (46,400) (48,200) Total $688,600 $526,100 Liabilities and Stockholders' Equity Accounts payable $104,900 $62,000 Accrued expenses payable 16,200 21,100 Bonds payable 113,100 149,300 Common stock 219,400 175,800 Retained earnings 235,000 117,900 Total $688,600 $526,100 VAUGHN INC. Income Statement For the Year Ended December 31, 2022 Sales revenue $387,100 Less: Cost of goods sold $136,000 Operating expenses, excluding depreciation 12,600 Depreciation expense 47,200 Income tax expense 27,700 Interest expense 4,500 Loss on disposal of plant assets 6,800 234,800 Net income $152,300 Additional information: 1. New plant assets costing $ 100,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $57,100 and accumulated depreciation of $49,000 were sold for $1,300 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $35,200 was declared and paid during the year. 5. Common stock was issued at par for cash. 6. There were no significant noncash transactions. Prepare a statement of cash flows 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).)VAUGHN INC. Statement of Cash Flows V V $ Adjustments to reconcile net income to V V V V V V V V V V V V V V