Exercise 23-12 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 $1,830 1,770 1,620 1,940 (1,190 ) 1,300 $7,270 $1,130 1,290 1,920 1,680 (1,170 ) 1,410 $6,260 Accumulated depreciation Long-term investments (held-to-maturity) $1,220 Accounts payable Accrued liabilities $910 260 210 1,420 Bonds payable Common stock Retained earnings 1,890 2,530 1,530 1,710 1,850 $6,260 $7,270 CRANE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $7,100 4,760 2,340 Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains 930 1,410 Gain on sale of investments 80 Income before tax 1,490 Income tax expense 550 Net income 940 Cash dividends 260 Income retained in business $680 Additional information: During the year, $80 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 direct method. (Show amounts in the investing and financing sections 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 (Direct Method) $ $ . > > > >