Exercise 23-11 Condensed financial data of Crane Company for 2017 and 2016 are presented below. CRANE COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 2016 Cash Receivables Inventory Plant assets $1,770 1,790 1,610 1,910 (1,200) 1,300 $7,180 $1,170 1,320 1,940 1,680 (1,190 ) 1,420 $6,340 Accumulated depreciation Long-term investments (held-to-maturity) Accounts payable $1,210 $910 Accrued liabilities 200 240 Bonds payable Common stock 1,370 1,880 2,520 $7,180 1,560 1,740 1,890 $6,340 Retained earnings CRANE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $7,010 4,730 2,280 Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains 930 1,350 Gain on sale of investments 80 Income before tax 1,430 Income tax expense 540 Net income 890 Cash dividends 260 Income retained in business $630 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2017. 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).) CRANE COMPANY Statement of Cash Flows (Indirect Method) Adjustments to reconcile net income to . . . A