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Question 8 of 8 - /25 ill Income tax expense 14,000 Profit $68,000 Additional information: 1. 2. 3. 4 Cash dividends of $15,000 were ere 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 indirect method. (Show amounts that decrease cash flow with either a-signes. -15,000 or in parenthesis e.g. (15,000). oc 26C Weat G Question 8 of 8 CRANE INC. Cash Flow Statement - Indirect Method $ Adjustments to reconcile profit to o Btc 32 G Question 8 of 8 Adjustments to reconcile profit to > > $ > > > Otc G 26 Question 8 of 8 $ > > o te 26 Question 8 of 8 - / > > > e Textbook and Media Attempts: 0 of 5 used Submit Save for Later Using multiple attempts will impact your score. 40% score reduction after attempt 4