Kieso, Intermediate Accounting, 16e Help I System Announcements CRANE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $7,430,000 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold $2,090,000 4,770,000 6,860,000 1,440,000 5,420,000 2,010,000 Gross profit Operating expenses Selling expenses 440,000 Administrative expenses 690,000 1,130,000 $880,000 Net income Additional information: 1. Accounts receivable decreased $350,000 during the year. 2. Prepaid expenses increased $150,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $260,000 during the year. 4. Accrued expenses payable decreased $130,000 during the year. 5. Administrative expenses include depreciation expense of $60,000. Prepare the operating activities section of the statement of cash flows for the year ended De amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis CRANE COMPANY Statement of Cash Flows (Partial) Adjustments to reconcile net income to Click if you would like to Show Work for this question: Open Show Work