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The nancial statements of Crane Ltd., private company reporting under ASPE, follow: CRANE LTD. Balance Sheet December 3 1 Assets 201? 2016 Cash $5,933 $8,?00 Shortterm notes receivable 11,?50 21,050 Accounts receivable 26,200 12,200 Inventory 2?,?00 23,200 Property. plant, and equipment 30,100 25,200 Accumulated depreciation (28,200) (22,?00) Total assets $113,483 $112,650 Liabilities and Shareholders' Equity Accoun ts payable $23,200 $41,600 Income tax payable 2,100 18,100 Notes payable 12,100 8,600 Common shares 22,600 22,600 Retained earnings 53,483 26,?50 Total liabilities and shareholders' equity $113,483 $112,650 CRANE LTD. Income Statement Year Ended December 31, 201? Sales $280,200 Cost of goods sold 191,100 Gross prot m Operating expenses $35,550 Loss on sale of equipment 1,550 3?,100 Prot from operations m Other revenues and expenses Interest revenue $040) Interest expense 1,550 810 Prot before income tax m Income tax expense 15,357Ir Prot m Additional information: 1. Shortterm notes receivable are from loans to other companies. During the year, the companyr collected the outstanding balance at December 31, 2016, and made newI loans in the amount of $11,750. Equipment was sold during the year. This equipment cost $13,700 originally and had a carrying amount of $7,150 at the time of sale. Equipment costing $8,600 was purchased in exchange for a $8,600 note payable. Depreciation expense is included in operating expenses. Accounts receivable are from the sale of merchandise on credit. P'F'PPN Accounts payable relate to the purchase of merchandise on credit. Prepare the operating section of the cash flow statement using the direct method. (Show amounts that decrease cash ow with either a - sign e. 9. -15,000 or in parenthesis e.g. (15,000).) CRANE LTD. Cash Flow Statement (PartiallDirect Method