Financial statements for Crane Company are given below:

Crane Company
Balance Sheet
January 1, 2021
Assets				Equities
Cash		$ 950000		Accounts payable		$ 450000
Accounts receivable		860000
Buildings and equipment		3500000
Accumulated depreciation buildings and equipment		(1100000	)	Common stock		2700000
Patents		428000		Retained earnings		1488000
		$4638000				$4638000

Crane Company
Statement of Cash Flows
For the Year Ended December 31, 2021
Increase (Decrease) in Cash
.
Cash flows from operating activities
	Net income						$1100000
	Adjustments to reconcile net income to net cash provided by operating activities:
		Increase in accounts receivable		$(380000	)
		Increase in accounts payable		188000
		Depreciationbuildings and equipment		355000
		Gain on sale of equipment		(140000	)
		Amortization of patents		45000			68000
Net cash provided by operating activities							1168000
.
Cash flows from investing activities
	Sale of equipment			284000
	Purchase of land			(590000	)
	Purchase of buildings and equipment			(1148000	)
Net cash used by investing activities							(1454000)
.
Cash flows from financing activities
	Payment of cash dividend			(355000	)
	Sale of common stock			950000
Net cash provided by financing activities							595000
Net increase in cash							309000
Cash, January 1, 2021							950000
Cash, December 31, 2021							$1259000

Total assets on the balance sheet at December 31, 2021 are $6645000. Accumulated depreciation on the equipment sold was $330000. The accounts payable at December 31, 2021 were