Exercise 23-17

Crane Inc., had the following condensed balance sheet at the end of operations for 2016.

CRANE INC. BALANCE SHEET DECEMBER 31, 2016
Cash		$8,500		Current liabilities		$15,100
Current assets other than cash		29,100		Long-term notes payable		25,600
Equity invesments		19,900		Bonds payable		25,000
Plant assets (net)		67,300		Common stock		75,000
Land		40,100		Retained earnings		24,200
		$164,900				$164,900

During 2017, the following occurred.

1.		A tract of land was purchased for $9,100.
2.		Bonds payable in the amount of $15,000 were redeemed at par.
3.		An additional $10,100 in common stock was issued at par.
4.		Dividends totaling $9,400 were paid to stockholders.
5.		Net income was $30,400 after allowing depreciation of $13,600.
6.		Land was purchased through the issuance of $22,500 in bonds.
7.		Crane Inc. sold part of its investment portfolio for $12,800. This transaction resulted in a gain of $2,000 for the company. No unrealized gains or losses were recorded on these investments in 2017.
8.		Both current assets (other than cash) and current liabilities remained at the same amount.

Prepare a statement of cash flows for 2017 using the indirect method.

Prepare the condensed balance sheet for Crane Inc. as it would appear at December 31, 2017. (List current assets in the order of Liquidity.)