please before 06 decembre!!

Presented below is the comparative balance sheet for Crane Inc., a private company reporting under ASPE, at December 31, 2021, and 2020: 2020 $98,000 CRANE INC. Balance Sheet December 31 Assets 2021 Cash $66,100 Accounts receivable 101,000 Inventory 205.000 Long-term investment 101.500 Property, plant, and equipment 535,000 Less: Accumulated depreciation (162,500) 75.000 155,500 0 460,000 (140,000) $846,100 $648,500 Liabilities and Shareholders' Equity Liabilities and Shareholders' Equity Accounts payable $57,500 $47,000 Dividends payable 6.000 o Income tax payable 14,000 15,000 O 25,000 Long-term notes payable Common shares 630,000 525,000 Retained earnings 113,600 61,500 $846,100 $648,500 CRANE INC. Income Statement Year Ended December 31, 2021 $662,100 Sales 432.000 Cost of goods sold CRANE INC. Income Statement Year Ended December 31, 2021 Sales $662,100 Cost of goods sold 432,000 Gross profit 230,100 Operating expenses $147,500 Loss on sale of equipment 3,000 150,500 Profit from operations 79,600 Interest expense 3,000 Interest revenue (4,500) (1,500) Profit before income tax 81,100 Income tax expense 14.000 Profit $67,100 1. 2. 3. 4. Additional information: Cash dividends of $15,000 were declared. A long-term investment was acquired for cash at a cost of $101,500. Depreciation expense is included in the operating expenses. The company issued 10,500 common shares for cash on March 2, 2021. The fair value of the shares was $10 per share. The proceeds were used to purchase additional equipment. Equipment that originally cost $30,000 was sold during the year for cash. The equipment had a carrying value of $9.000 at the time of sale The company issued a note payable for $28,000 and repaid $3,000 by year end. All purchases of inventory are on credit. Accounts Payable is used only to record purchases of inventory 5. 6. 7. 8. Prepare a cash flow statement for the year using the direct method. (Show amounts that decrease cash flow with either a -sign eg.-15,000 or in parenthesises (15,000)) CRANE INC. Cash Flow Statement - Direct Method $